How to Find an Up-and-Coming Neighbourhood Your Family will Love
When buying a home, most people look for a place where their family can enjoy a good standard of living, and where their investment can grow in value over time. That’s why many parents look for these signs of up-and-coming neighbourhoods when investing in a property.#1 Good Schools
One of the surest signs that homes in a neighbourhood will appreciate in value is when there are good schools nearby. This is especially true in cities with school catchment systems, where schools are assigned to neighbourhoods. In such cities, many potential homeowners base their decision primarily on the quality of the schools in the area.
To find a neighbourhood where property values have the potential to rise, look for schools that are highly rated by parents and students alike, have good programs, consistently boast high test scores and are attended by students with educated parents.#2 Public and Private Development
It can be annoying for residents when there’s construction in the area. The resulting traffic congestion and noise can also reduce property values. However, when such projects are completed, they can result in an almost immediate spike in the value of nearby homes. Private builders carefully survey the potential of an area before starting construction. They only start projects when they believe an area has potential for economic progress.
Neighbourhoods experiencing the development of roads, parkettes, parks, and community centres are more likely to have homes that grow in value. Likewise, nearby construction of city projects such as intersections, bus stops, and bus shelters can also do the same.#3 Improvements from Homeowners
When homeowners improve curb appeal, not only do they boost the value of their property, but they also boost the values of other homes in the neighbourhood. Areas where houses are maintained, repaired, and upgraded regularly usually attract more buyers and experience rising prices.#4 Connection to Roadways
Local governments sometimes develop major highways and public transportation to reduce traffic congestion. This can have a positive impact on the property values of homes in nearby neighbourhoods that have easier access to the major roadways.#5 Cultural Events and Community Involvement
Up-and-coming neighbourhoods can experience more cultural events such as fairs, farmer’s markets, or outdoor art shows. If such events are a regular success with residents and outsiders alike, then this can help boost property values. Look for activity in general. It’s a healthy sign if residents are walking the streets and kids are playing outside. Don’t hesitate to talk to the people in the area to learn more about whether the area would be a good fit for your family.
How do you know where to look? The HoodQ Insights™ quiz can be a great starting point. All you need to do is enter the places you want to be near, click to select your criteria for schools and recreation facilities, and your budget and home needs, and the quiz will automatically suggest neighbourhoods that fit your needs - and tell you what does and doesn't match for every neighbourhood. It usually uncovers some hidden gems! Then head on over to the Neighbourhood Guide™ for neighbourhoods that seem interesting to learn all about them.