Ready to take on the challenge of buying in a diamond-in-the-rough neighborhood?
Everyone has seen the neighborhood that’s changed: One day it was on the fringe, and the next it had turned a corner. Suddenly, it was teeming with new businesses, new residents, new life—and newly high property values, to the advantage of those residents who stuck around. First-time buyers, cash-strapped buyers, and “pioneering” buyers alike flock to these next big neighborhoods. But to get in early before it becomes the next big thing is the key to stretching your dollar. How can you tell if a neighborhood is up and coming or down and out? Here are seven questions to ask yourself as you research a new neighborhood, especially if you’re thinking of making an offer on a new home.
1. Is an organic grocery store moving in?
When a co-working space, an organic grocery store, or a new pop-up restaurant moves into the neighborhood, it’s a sign that the neighborhood is changing.