When you’re buying a home, it is an emotional moment. Signing the final documents at closing for your first home is a memory you will always treasure. However, you must take a moment to focus and approach purchasing a home from a business frame of mind because it is also likely to be one of the most significant investments in your life. While many factors come into play in making a good real estate deal, the numbers are the bottom line when dealing with real estate transactions.
Finding the lowest-priced property in the best neighborhood possible will help to increase the return on your investment and equity in the home. In addition, you can further boost equity by picking up on the red flags that indicate an upward direction in a community which means home values will soon follow suit and buy early on in the improvement process. Read on to learn about the five signs of an up-and-coming neighborhood in Philadelphia.
Lower Crime Rates
For example, wherever you buy, you want to feel secure in your home, so you should always be aware of the crime rates. Lower crime rates equate to higher home values. Paying close attention to crime rates will allow you to notice when they begin to drop; this is one of the significant factors signaling an up-and-coming neighborhood in Philadelphia. When you drive through an area and feel you are in a bad part of town based on what is visible on the surface, without digging into the facts on your own, you may be missing the critical data that could lead you to the best location to buy your next home in Philadelphia.
Stricter Building and Appearance Codes
Building codes governing conformity in the architecture add value and can have a positive impact. Communities that comply with a master plan for growth understand the visual effects these codes create and the financial impact on individual property values. Focusing on the appearance of businesses and homes, along with building style, to ensure they complement each other. Evidence of this coordinated effort is a strong indicator of an up-and-coming neighborhood in Philadelphia.
New construction in business and residential areas is a sure sign they are undergoing a growth spurt. New construction means increased employment in the area and more consumers at local businesses. This new construction adds value to the existing homes and businesses in the area. In addition, flourishing neighborhoods offer perks such as community gardens, farm-to-table restaurants, and wine or juice bars. When trendy companies such as these begin to pop up, it is another sign of an up-and-coming neighborhood in Philadelphia. On the financial side, these changes increase Philadelphia tax revenues and even increase tourism revenue.
Community improvements are sure signs of an up-and-coming neighborhood in Philadelphia. These improvements, such as parks, can significantly affect the citizenry, improving the area’s attractiveness to businesses and home buyers alike. They can also add enjoyment to day-to-day life, decrease travel times and improve health by encouraging exercise. Renovating existing schools, or building new ones, are also signs of a bright future in this neighborhood as they point towards increased property values in the future.
When investors begin to rehabilitate properties in an area and then put them up for sale, known as flipping, this is one of the surest signs of an up-and-coming neighborhood in Philadelphia. These home improvements will also serve to increase the property values of the surrounding properties as a side effect. Professional real estate investors can see the potential of an area much earlier than the general public. Their goal is to buy in the area during the beginning stages of the upward trend, quickly increasing wealth through the equity that accompanies rising home values and increasing their monthly income because rental rates rise with values. So when you begin to see rehabilitated homes for sale in an area, this is a huge sign of an up-and-coming neighborhood in Philadelphia.
At Philly Off-Market Deals, our experienced professional investors are always on top of the data and can guide you to the best up-and-coming neighborhoods in Philadelphia. In addition, at Philly Off-Market Deals, our professional investors are proud of their contribution to helping improve life in Philadelphia for our neighbors, one home at a time. Philly Off-Market Deals works every day helping buyers like you find their new home. At Philly Off-Market Deals, our pros stop and take the time to listen to the issues that may be holding you back from buying your first home or any other concerns without any obligation. Our job at Philly Off-Market Deals is helping you achieve your dream of homeownership or becoming a real estate investment mogul. And Philly Off-Market Deals has a current inventory of the best properties available if you are ready to get started today. Contact Philly Off-Market Deals at (215) 422-3288.