Cities are ever-changing. With each year, as new buildings are constructed and neighborhoods are transformed, home values can be dramatically impacted. For homeowners and, perhaps even more importantly, homebuyers, it’s essential to keep a pulse on future development plans in your area. When looking at property throughout the city, here are just a few things to keep an eye out for.
Before you go falling in love with a home’s sweeping views of the skyline, make sure they’re protected. Should a building be constructed nearby, it could not only obstruct your views but also block out natural light and have a less than desirable impact on the property value. For this reason, it’s especially important to work with a real estate professional who’s in the know when looking in neighborhoods that are experiencing rapid development.
Like any marketplace, the future supply of luxury housing will play a key role in your home’s long term value. In exclusive neighborhoods that are protected from further development and have a limited housing supply, chances are prices will appreciate faster than in an area that’s poised to see an influx of high-end residential development.
Future plans for transportation and infrastructure development around the city can be both a blessing and a curse. On the one hand, you probably don’t want your quiet neighborhood to turn into a bustling thoroughfare that commuters are racing through, but the addition of a nearby metro stop can certainly be beneficial. Improved access to main roads and highways is always a welcomed change, so long as it doesn’t totally transform the immediate area that you’re living in.
Peace and quiet is one of the greatest luxuries you can have in a city. Of course, it can sometimes be a casualty to development. Ongoing construction, new commercial projects and busier streets are just a few causes of increased noise pollution in a neighborhood. For those who want to escape the sounds of the city each evening, this is something to keep in mind.