Isn’t it frustrating that once you hear about a great neighbourhood, it is right after it is nearly impossible or too expensive to move to it? Wouldn’t it be great to find out which neighbourhoods are perfect for your needs before it gets too popular? We’ve got some tips for you below!
Presence of Booming Businesses
If more businesses are coming to the area, particularly retail for big chains or name brands, then you can be sure that that neighbourhood is in for some long-term growth. Big businesses have the data to determine which locations are worth their investment. They won’t invest in areas that don’t offer a huge return or doesn’t have an expanding consumer growth.
Look for Recent Renovations
Neighbourhoods that have a lot of homes undergo recent renovations and upgrades means that people are buying properties and upgrading them or that homeowners are becoming more confident to further invest in existing homes. If this is coupled with more government-funded local projects, then you can be sure that the neighbourhood is in the upswing.
Marked Decrease in Crime Rates
Crime rates typically decrease in areas that have more income opportunities for residents and areas that are home to people who fall under a higher income bracket. Gentrified areas usually mean better law enforcement, better quality of life, and less opportunities for crime. Communities that show a steady decline in crime rate means that that community is undergoing gentrification and is on its way to become a sought-after neighbourhood in just a few years.
More Young Families and Professionals
Creatives and professionals moving in to a neighbourhood can have a huge impact on that community. Not only do they bring beauty and character, but they also attract more people, businesses, and jobs. Once a place has these, young families often follow, giving rise to an upgraded, family-friendly community.
Prime Location
If a neighbourhood is near other popular neighbourhoods, it often become a spillover basin for those who can’t find an available home in hot markets. This has a positive effect on the neighbourhood itself, because development and redevelopment follow where people move and vice versa. Prime location is key because as neighbourhoods become more in-demand, traffic congestion follows. People will always want to live in a good location that is near work, recreation, schools, and hospitals, especially if they have a family.
Transportation Development
Access to work and services is key to keep people happy in a community. New and developed transportation makes an up-coming neighbourhood attractive to people because it means proximity to major thoroughfares and access to key amenities plus business areas where people can find work. More so, real estate with good access to roads and transportation typically rise in value because of demand, so it is a sound investment overall when considering which areas to purchase a home in.
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