How to Spot an Emerging Neighborhood
Are you looking for the next big thing? Spotting opportunity that is lying quietly in wait is a skill that helps real estate investors realize the portfolio-building results they need. Investing in emerging neighborhoods before they break out onto the scene can deliver exceptional returns. But how do you know if an area is poised to pop?
- There are new businesses opening and jobs sprouting up. A strong employment sector is often a telltale sign that a neighborhood is positioned for growth. Take a look at the businesses that are opening up shop in the area; these will bring in buyers, support services, retail opportunities – and tenants who are looking to move into the neighborhood to live closer to work.
- You’ll see an uptick in construction. From industrial and business spaces to houses and apartment units, a boom in construction in a “fringe” neighborhood is an indicator to watch – and pounce on.
- There will be a strong and/or growing transportation system. Easy, convenient access to a neighborhood is critical; it facilitates business and residential needs and makes these areas far more desirable. When new methods of transit come to an area, they tend to take tenants with them. They also draw those on the outskirts in, which boosts business.
- You may see trendy hotels popping up. As an area starts to become more desirable, you’ll see hotels being rehabbed or constructed to accommodate people who come into the neighborhood on business trips, for retail services, and for hospitality services (e.g. restaurants, gyms, etc.).
These indicators can pinpoint a neighborhood on the verge of strong growth. When you get in early, you can scoop up properties at advantageous prices and then enjoy gains as the area gains traction in terms of business and housing opportunities.
Work with a real estate agent/broker who can help you assess the current and potential value of a neighborhood. A turnkey real estate company can help you find properties in these areas so you can diversify and strengthen your investment portfolio.
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