by Rick Delgado
on Saturday, January 3rd, 2015 at 5:35pm.
If you’re a first-time homebuyer on a budget, considering an up and coming neighborhood may be in your best interests during the home buying process. These homes may need a bit of work, but if the price is right - you should be able to snag the diamond. Not sure to find your diamond in the rough? Here are some signs to look for.
Businesses are Moving In
This is a big indicator that a neighborhood is is on the up and up. When small and large businesses move in and make their claim to a spot of land, home values tend to improve around them. If you find a house near these new businesses, you’re finding the diamond in a neighborhood that could possibly flourish.
Conveniently Located to Metro Areas
If the big city is not too far away, public transit is readily available down the road and there is a lot going on just a jump, skip, hop away then this might be potentially great neighborhood. As the area gains in popularity, the need for housing will as well. You’ll already be there, waiting for the new arrivals and boost in neighborhood appeal to take flight.
Never Underestimate The Resilience of a Neighborhood
When you look at a neighborhood and think to yourself, “this will never have a chance,” think again. Any neighborhood has the potential to turn around and make something of itself, so do not underestimate the potential that the surrounding area has.
If there is a slow and steady decrease in the market, you will find that these neighborhoods are full of potential homes.