The Sunday Mail
WHEN researching for a new home, buyers often look for houses or land in the best neighbourhoods — or, at least, the best neighbourhoods that they can afford.
And that is certainly understandable.
However, homeowners may be missing out on several advantages by not considering less prestigious or less desirable neighbourhoods.
Below are reasons to build or buy in up-and-coming areas.
Lower price points
It is natural to want to be in an area in close proximity to popular dining, shopping and entertainment options. Even if you are buying the home to flip it, you want to own property in a desirable area.
When you build or buy a home in an up-and-coming area, you buy at a lower price point. That means you now have the funds to create your ideal place. And that is especially important if you purchase a fixer-upper that needs major repairs. “
Increased resale value
Since the neighbourhood is up-and-coming, yoExperts say it often takes five to 10 years for real transformation of an area to be achieved.
An existing sense of community
Lynch’s advice is actually based on his personal experience.
“I recently bought a home in an up-and-coming neighbourhood, and it was the best decision I could have made,” he says.
As he was searching for the right area, Lynch looked for certain things.
He wanted to find a neighbourhood with an existing sense of community where he and his family could fit in and thrive.
Appeal to a larger
pool of tenants and buyers
If you are purchasing a property to flip and then rent or sell, there are several advantages to choosing one in up-and-coming areas. You will also be able to increase rent as the neighbourhood becomes more desirable.
Create higher-quality affordable housing
Investing in up-and-coming areas often leads to gentrification, but it does not have to. Actually, real estate investment in these areas can even combat gentrification by creating better affordable housing without displacing people and families.
If a developer purchases an outdated apartment complex with the intention of fixing it up and renting it out, there is an opportunity there to provide clean, updated, affordable housing to the people who already live in the area. —freshome.