neighborhood

Location, Location, Location: 3 Ways to Spot the Next Hot Neighborhood

Buying a home also means buying into a neighborhood. Of course, every homebuyer would love to get the best community in the market. The problem is that the “best” in the market is most likely swamped with residents already or is teemed with high property prices. If you’re stuck in this dilemma, the fix is simple: find the next hot neighborhood in the area. Here’s how to do it:

Look at the communities nearby.

The next popular neighborhood is usually close to the already-popular one. That’s because the progress and development in the hip community expand to the adjacent regions, especially when property prices are already skyrocketing.

The natural inclination of people and businesses is to make the most of nearby communities, thereby improving the status and image of that neighborhood. Go visit zones close to popular districts. Drop by some local stores, like cafes and restaurants, and ask the staff if their prices have increased within the last three or five years. You can bet that there would be plenty of commercial establishments and residential developments in the area later, if there were price increases.

Don’t be fooled by the unappealing look of the community now. The change will definitely take root soon enough. Before everyone gets into the market, take advantage of the opportunity.

Pay attention to old homes.

home renovation

It seems like an unlikely approach, but here’s the thing: Older homes entice people who are obsessed with renovations. Renovations are a sign of the next hot neighborhood because it’s an indication that people living there have money power. Eventually, businesses would take advantage of that and flock to the area as well.

Look for communities that feature old homes. You may want to consider buying one yourself. Old properties are a lot cheaper than new ones and tend to have better construction quality, not to mention that they have a unique character in architecture. Consider this as you apply for a home loan. Tempe financial experts can help you calculate if an old property is right within your budget.

Turn to the right people.

Creative people usually are at the forefront of making a neighborhood hip and cool. Who exactly are these creative people? Well, these are the musicians, hip-hop dancers, painters, and the like. These artists flock to poor communities for cheap rent, set up their work there, until eventually improving the image of the area, given their creative energy. Eventually, other people would set up their home and businesses there, as well.

Keep an eye on where artists are going. Where they are will be the next hot neighborhood. Aside from them, turn to your realtor as well. They know the property market more than anyone does. They’re experts in forecasting trends, and they have information from the key players in real estate. For sure, they would know where up-and-coming neighborhoods are.

Again, if there’s no space anymore for you in that most sought-after community, then go to the next hot one. Take note of these tips as you scour different locations in your area. The search for the next hot neighborhood is definitely on.