The hottest neighborhoods always come with a steep price. They are the most desirable places for people to live so it isn’t always easy to get into it. One way to play the game though is to watch for the neighborhoods that are up and coming, and buy into them before everyone else has caught on.
If you are interested in trying this, there are 4 things that you should watch for.
When new forms of transportation come into an area, it makes the area more accessible for a larger number of people. That means people are going to follow the transportation.
For example, there is a monorail that is going to be running in Florida to connect the surrounding towns to Orlando. This gives people the option to live outside of the city and commute into the city without dealing with a mess of traffic on a daily basis.
When you hear of new transportation options being built into an area, that is a surefire sign that future development and growth is on the way.
Entire communities are developing around the addition of luxury hotels. If a nice hotel comes into an area, that means there is a reason for people to stay in that area. Restaurants and similar businesses know that full hotels mean more business for them, so they are likely to start popping up as well. Additional amenities make the area appealing to homeowners and just like that, a new neighborhood emerges.
People don’t like long commutes to work. If you notice that a certain area has seen a lot of job growth and opportunities, there is most likely going to be new residential areas that are coming as well. If you can buy into these areas before they get built up, you can get in before the prices shoot up.
Most people do not want to live near construction. It is loud and dirty and an eye sore. However, where there is construction, there is growth.
If you notice that a lot of new buildings are going into an area, you know that people are going to follow. If new residential buildings are being added, you know people are going to follow along with them.
If you are one of the first people to know about an emerging area, you can get in when the prices are still low. They are not able to increases the prices until there is a reason to back it up. This means that if you are able to buy a house in the area before it is fully developed, you will be there from the start and have the lower mortgage to show for it.
Dealing with ongoing construction is not always an ideal situation. But it’s worth it in the end when you are paying far less for your house than you would if you waited until the area was complete.