How to spot an up-and-coming neighbourhood
In real estate, the ability to identify an emerging neighbourhood before it becomes trendy is akin to predicting the jackpot numbers. If you’re one of the lucky ones that manages to move into an up-and-coming neighbourhood before the masses start to flock in, not only do you get to bask in the new local businesses that are flourishing around you but you’ll also get to enjoy a pleasant jump in your home’s value. So how do you spot the next trendy area? Here are some of the telltale signs.
Look For New Businesses
The opening of new local businesses shows much promise of growth but the types of businesses matter too. It doesn’t necessarily have to be a Starbucks; clothing stores, sit-down restaurants, independent coffee shops, art galleries, and supermarkets are businesses that tend to attract people from other parts of town and before long, people may start to see some semblance of a very desirable neighbourhood.
Look For Renovations to Existing Homes
If you see homes that are undergoing renovations, it’s a good sign that people in the neighbourhood are taking care of their properties by making a long-term investment in their houses or preparing to sell at a higher value. Either way, renovations improve the neighbourhood’s overall curb appeal and attract the attention of prospective buyers.
Look at the Surrounding Neighbourhoods
If you don’t see homes being renovated or new businesses popping up, it doesn’t necessarily mean that the neighbourhood won’t become a hot market in the future. Check the surrounding areas. Is it close to a trendy neighbourhood? If so, there’s a chance that people who have been priced out of that neighbourhood will want to move into nearby areas.
Ask Your Real Estate Agent
Still not sure? Talk to us! We’ve been in the business long enough to decode all the signs of an emerging neighbourhood and have the inside scoop on upcoming development plans that could change the face of a neighbourhood.