It can never be said enough – Location, Location, Location. The neighborhood is just as important as the house itself. This is why it’s no surprise that what’s known as transitional areas are overlooked by buyers.
Transitional areas, also known as an area of revitalization, are usually depressed areas (properties not maintained well by owners, visible crime and a lack of ownership pride) that for some reason start experiencing a change for the better. These reasons can range from investors flipping houses in the neighborhood, economic upswings, neighborhood watch programs, and owners taking back their streets.
Purchasing a home in a transitional neighborhood is likely to be more affordable and add value to your quality of life and bottom line over time.
Keep in mind these six signs of a neighborhood on the upswing to find a great deal:
Neat Neighbors
The signs should be immediately apparent
· Trimmed lawns
· Pruned bushes
· Unbroken fences
· Neat flowerbeds
· Absence of litter on the sidewalk/streets
Quiet Streets
· Nothing wreaks havoc on a homeowner’s experience more than excessive noise.
· Generally in transitional neighborhoods noisy construction such as road repairs are done at night or at specific times to minimize the inconvenience to the residents.
· Make sure your potential new home is not near railroad tracks, airports and far away from major highways.
Proximity to Necessary Services
The best real estate locations are neighborhoods that provide easy access to these necessary services:
· Schools
· Doctors and hospitals
· Public transportation and major highways
· Grocery stores and shopping centers
· Entertainment and recreational facilities
· Safe outdoor parks and nature spots
A realtor can have or can find information about planned commercial and residential development for the area, which could boost the amenities available to the neighborhood.
Picture Perfect Views
Properties with perfect mountain views, greenbelts, water views and sweeping city views typical get up to 20 percent more in market value over obstructed or no views at all. Even the type of view has value, the higher the view the more value it holds.
Safe Stats
Safety is a concern for everyone. Not too many people will say they want to live in a high-crime area. To check how safe a neighborhood is:
· Check local crime rates.
· Check out the area’s Megan’s Law website to see if sex offenders live in the area.
· Check for well-lit roads, sidewalks and working streetlamps as they are crime deterrents.
· If you see graffiti it can indicate the presence of gangs or a low-income area.
· Look for private parking spaces in front of the home or in a private garage, they are a lot safer than parking on the street or in a public garage.
· Safe homes in an upswing neighborhood feature high-end security systems, strong door locks with deadbolts, well-lit driveways and fenced-in gardens.
Tips from a Neighborhood Specialist
A real estate agent can provide up-to-date, hands-on knowledge of a particular area which can be a huge help in identifying good neighborhoods. A good agent can also provide vital information such as:
· Current home market values
· Appreciation/depreciation trends in the area
· History of the home and of the neighborhood
· Neighborhood amenities
· Neighborhood detractors and hazards
Homes in transitional neighborhoods tend to have hidden value not seen in the more popular areas. As the area continues to flourish and become a sought-after area, the value of your home will grow as well.
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