Some neighbourhoods have been on a decline in past years, making them unpopular with just about everyone but bargain-hunters. There are, however, urban renewal initiatives which seek to gentrify such lagging neighbourhoods and even restore them to their former glory. You can ask your agent or the local municipality whether there is any urban renewal planned for the neighbourhood you are looking at. If so, you might still be able to buy cheap, but you can expect the value of your home to rise with the popularity of your street… hopefully at a much faster rate than the market norm, thanks to revitalization plans.
Growing with Your Home
If you’ve found a neighbourhood that you really like, but the nicer homes in it are out of your price range, don’t worry.
You still have the option to purchase one of the cheaper homes, perhaps a home that has not been updated or repaired for a while. Such a home will definitely need some TLC, but at least you’ll be in a great location. The old adage to buy the ‘worst home on the best street’ is certainly wise advice to follow.Similarly, you may find a neighbourhood that is not yet up to par with what you want, but that appears to be up-and-coming, with a lot of development going on. This kind of forward momentum carries with it the intrinsic potential for property value growth.