With the boom in real estate, every one of us wants to purchase a new home. We have to do a lot of research before we finally settle for buying a home which is our most coveted asset. While we ponder on various factors like affordability, taxes, proximity to family, climatic conditions and so on, the neighborhood of our prospective home is one of the most crucial factors. It is best to purchase a home in an upcoming neighborhood. Zack Childress, a real estate speaker, author and guru, gives us tips on how to identify a rising neighborhood
Growth of business in the neighborhood
If businesses move into neighborhoods, they are definitely developing neighborhoods. Often on-trend businesses conduct detail oriented research before they move into neighborhoods.
Densely populated areas and the neighborhood around prime business areas
Areas with thick population will grow definitely. The areas which are surrounded by areas with prime transportation facilities, highways, railway tracks, higher industrialization, big schools and shopping complexes promise development.
Market trends in an area
If real estate properties tend to sit for a longer time in the market, then it is on the verge of declining. However, if the market time is very less, then the area is indeed on the rise. Lesser market time means a period of ten days or less and falling localities show a market time of around 120 days. From the cost point of view, these numbers can hold a lot of vitality. The prices may actually start rising long after the market time declines. This will help us to obtain affordable properties. So, it is a good practice to keep abreast of statistics in markets.
Crime rates are definite hot areas to be researched upon. Areas with higher crime rates are generally avoided and such neighborhoods never develop. We should stay aloof from localities with high crime rates as they put our lives in great peril. We can check out local blogs, newspapers and magazines for crimes in the areas. Also we can create crime alerts on a site such as crime reports.com
Localities with architectural styles
Areas with buildings built in the Victorian, Spanish, Tudor and mid century modern styles are likely to see a fresh surge of development as these areas are bound to attract the modern generation of home consumers.
Areas with artists
Areas which attract artists are sure to grow. Artists often have a penchant to convert areas which are famous for something else into prosperous neighborhoods.
Areas where renovations are done at a rapid rate are developing ones. Laying down of a railway track, new bus stops, development of new schools and educational institutions or constructing huge hotels, shopping complexes and it parks in a region are sure signs of growth. We can go to the city building permit counter to check updates about the neighborhood from the staff. We can inquire as to what their calculations about the area are?
These tips by Zack Childress will serve to be very useful for home buyers. We must always select the neighborhood carefully since our home is our best asset.