There is an old adage in real estate. It’s all about location, location, location. Those looking to purchase a home likely have location at the top of their list when looking for their dream property. Here are five things to keep in mind when it comes to choosing the next neighbourhood you’ll call home.
There are trade-offs. If you’re thinking of purchasing a home in a less popular area (but one that shows promise of becoming trendy), you might have to compromise. Buying property in a neighbourhood before the values increase is what you want to do, but at the same time, you might have to come to terms with less-than-stellar attributes, such as perhaps a higher crime rate or lower-rated schools. Don’t compromise on safety, but talk to your agent about resources for finding neighborhood information.
New builds. When there are new houses popping up in neighbourhoods, it’s a sure sign the area is getting popular. You might want to pay attention to social media about the shopping, restaurants, bars and entertainment in the area to give you an idea of whether this may be an up-and-coming spot.
Flipping frenzy. Investors have a sixth sense when it comes to areas that are soon to explode in popularity. They’re going to buy and flip homes in places from which they will gain financially. Buyers who purchase flipped homes don’t want to take on renos themselves, but these purchases can create some trendiness in neighbourhoods.
Millennial and Gen-Z interest. The younger set are often the trendsetters and when they start moving into an area, it’s for a reason. Younger people move into neighbourhoods that are still affordable, but where they have access to shops, bars, cafes and the like. Once businesses get the word that young people are moving to the neighbourhood, they will soon follow. These are the neighbourhoods to watch.
Near the city. Neighbourhoods develop outward from city centres. As cities grow, so do outlying areas. If an area starts to initiate cleanups or starts building more parks, it might be a sign of expectant growth. When a municipality invests in an area, developers take notice and may view the area as a solid investment. Perhaps you might do the same.