When looking for a place to set up nest, you need to pick an area that will fit your needs and help you maintain a healthy work-life balance. But you also want to make sure you buy into an affordable area where your home will seriously increase in value over a short period of time. So how do you know if you are moving in an up-and-coming neighbourhood? Here are the signs to look out for.
Gentrification
This happens when a lower-income area experiences an influx of wealthier residents, with a related increase in rent and property prices. To spot the next “it” neighbourhood, look for changes in the economy such as the addition of a coffee shop or restaurant.
Redevelopment
Be on the lookout for run-down neighbourhoods that are undergoing urban renewal through large scale construction in commercial, industrial and residential real estate. Where property investors decide to put their money is a good sign of where to put yours.
Proximity
A neglected neighbourhood fairly close to a trendy usually becomes the next hotspot for real estate investors. This spillover effect is due to developments expanding outward as prices in the neighbourhood centre increase sharply.
Transportation
Make sure to keep an eye out for new or increased transportation links. Advances in mobility such as new bus routes, bus stop, or the availability of ride hailing services indicate that property buyers and developers are beginning to notice an area that previously flew under the radar.
A high-growth area makes a big difference in the value of your home. If you are looking to buy a property, you will be reassured by these signs that a neighbourhood is worth investing in.
