When you walk down a neighbourhood what is it telling you? Homeowners will more likely look after their properties when they are happy in their neighbourhood. Below are some clues to look for to tell if a neighbourhood is improving.
1. Revitalization
A great sign of revitalization is when older parts of the cities are being redeveloped by the city, homeowner’s or investors. Home prices are more likely to rise when the city invests in development projects in a particular area. Rebuilding includes infrastructure improvements such as new sidewalks, streetlights, trees, and other things. Another great sign is construction projects, as builders do extensive research before, they decide to build in a particular area or town.
2. Projected Home Prices Rising
If houses are selling that means people are leaving and it also means new people are moving into the area. The more people move into the neighbourhood, the more likely people are seeing the value of the neighbourhood and the neighbourhood will continue to improve. Looking at the property price and surrounding area history is also a great indication of where potential prices could be in the future.
3. Low crime
Take a look at the crime rates in the area that you are interested in buying. If crime was bad for an extended period of time and you have noticed that the crime rate has dropped that is a good indicator that the neighbourhood is improving.
4. Improved Transit
Transportation plays a key role in the development of a neighbourhood. Areas with access to major highways and public transportation have been found to likely grow over time.
5. Unique Businesses Opening
When walking the neighbourhood notice if there are any stores you recognize. Is there a Starbucks? What about a hardware store? Do you see new businesses opening? When a well-known company moves into a neighbourhood that is a great indicator that the nighbourhood is improving as it shows well-known companies are investing into the neightbourhood.
6. Walkability
Walkability is directly related to growth and development. A neighbourhood with sidewalks and bike lanes are more likely to see happier residents.
Other important factors to consider include nearby jobs, schools, and community events. When it comes to buying a home, buying a house is half the process. Next time you go for a viewing take a look at what the neighbourhood is telling you.
If you have questions call us today at 250-864-HOME (4663) or email us at info@thepropertysource.ca. We will be happy to help!
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