For luxury homebuyers looking for a new house in the city, it can be easy to dismiss up-and-coming or revitalized areas. However, before crossing this type of neighborhood off your list, it may be well worth visiting a few homes and getting to know the community. While it might not yet be as established as other high-end locations, here are a few advantages that you may find when buying a home in an area that’s been rejuvenated.
Return on Investment
With more risk comes more reward. Buying a home in the most sought-after part of the city is usually a very safe investment, but when you purchase property in a community that’s in the midst of a transformation, you’ll likely see greater appreciation. As the neighborhood becomes more revitalized, home prices will increase accordingly and, in a few short years, you just might find yourself living in one of the hottest areas in town.
Restoration Opportunities
Oftentimes, these neighborhoods are full of old buildings that have been neglected over the years and are just waiting for new life to be breathed into them. If you’re willing to take on a gut-rehab project, there is usually ample opportunity to restore a home and bring it up to today’s highest standards while retaining the charm and period details that recall the city’s past.
Influx of Establishments
Perhaps the best part is that revitalized neighborhoods tend to experience a surge in popular new restaurants, trendy bars and fashionable shops. Talented and creative individuals who are looking for an alternative to the high real estate prices in the city center may all of a sudden be flocking to an up-and-coming area, serving as a catalyst for transformation.
Community Pride
When you take part in restoring a neighborhood, there’s a certain sense of pride that comes with it. You can feel the energy as things change for the better and residents work together to make a positive impact in the community. Ultimately, this gives the area character, as well as a unique identity that differs from more traditionally high-end neighborhoods.