Will My Neighbourhood Go Up in Value?
When you purchase a home, you hope it will continually go up in value –
like a good investment should.
However, there’s something else that you also want to see an increase in value: the neighbourhood. In fact, the neighbourhood plays a key role in what the home will be worth in the years to come. If the desirability of the neighbourhood goes down, so will the market value of the home.
When you’re shopping for a new home, get a feel for the value of the neighbourhood, and whether or not it’s on the upswing.
How do you do that? One way is to simply take a walk. Look at the properties. Are they well maintained? Is the landscaping groomed and attractive? Those are signs of “pride in ownership” – a clear indication that owners value their homes and the neighbourhood.
Another way is to do some research. Has crime gone up in the neighbourhood? Are there improvements planned, such as a new park? Is the neighbourhood attracting the kind of people you want as neighbours? How do the neighbourhood schools rank?
Some of these questions may be difficult to answer on your own. This type of valuable information should be provided to you by a trustworthy and knowledgeable real estate agent. Make sure to ask your agent questions not only about a property itself, but the neighbourhood as well.