One strategy used by many young and first-time homeowners is to choose an up-and-coming neighborhood for their home purchase. These neighborhoods aren't yet priced as high, but with luck they are will become a desirable place to live within a few years. While this is a sound strategy, it's important to keep a few considerations in mind to make sure you choose a truly up-and-coming 'hood and not a dud.
Is business starting to boom?
One of the first places where an uptick can be seen is with a revitalization in the local business corridors of the community. Often business owners are the first to take advantage of lower rents, and they will be the ones to set the vibe of the neighborhood going forward. Boutiques, small restaurants and cafes, and quirky stores in an otherwise run-down neighborhood are all signs that the area is going through a revitalization. This is especially true if the businesses are doing well and encouraging community events. If most of the businesses are still shuttered, then the neighborhood isn't on the verge of reviving.
How accessible is the neighborhood?
Rarely will a neighborhood revitalize if it isn't accessible from downtown or major city areas. Occasionally a neighborhood will pop again, though, if a major employer moves into the area or if public transportation options are increased. For example, a neighborhood that recently was put onto the bus or lightrail system for the nearest city, especially if a major company just moved in nearby, may be about to become desirable again.
Does the neighborhood have Cinderella syndrome?
Cinderella was a princess dressed in rags, as are many up-and-coming neighborhoods. Older neighborhoods with unique architecture look drab at first, but the fine lines of a Victorian or the quirky beauty of the art deco era will shine through. These neighborhoods generally have a rather unique character that encourages people to revitalize the neighborhood instead of simply tearing it down and starting over.
Are more owners moving into the area?
You can often tell when caring owners are moving into an area because you will see the sawhorses on the lawn, the masonry crews fixing exteriors, and a marked increase in lawncare contractors. It doesn't even matter if the owners are planning to live in the houses they are fixing, since engaged landlords are just as important in a neighborhood that used to be in the skids. The obvious appearance of improvements in a few properties will often lead a to a domino effect that means the neighborhood will soon arrive.
For more help in finding homes for sale in an up-and-coming neighborhood, contact a local realtor.
Once you sign the sale contract with your listing agent, there's a good chance that things will start moving quickly. Your agent will want you to stage your home for the listing photos, open houses, and showings. If you've never experienced the staging process, you may not know exactly what to do or where to start. The information on this site will help you to not only understand what's expected of staging but also offer tips for you to maximize your efforts without investing a lot of time. I hope the information here makes your home sale process a little bit less confusing and a little easier to manage.