When you buy a home, you're making a big commitment, not only to the house, but to the community. After you've made sure the foundation of your dream home is solid and you have all the things you dreamt of in a new home, you’ll want to see if the community is showing signs of growth. But, what does that look like? Moving to a community in decline doesn't only have a negative effect on your lifestyle while you live there, but it can also impact the value of your home if/when you decide to sell in the future.
This U.S. News & World Report article outlines a few key signs of a growing community that you should look for when you're choosing your home:
When you like a particular neighborhood because of its proximity to your work, for example, it might feel good to see so many available homes on the market for you to consider. Choice is a good thing, right? The downside of this is what it implies: people are leaving, and you have to ask why? HGTV points out that if everyone wants to leave, maybe you should, too. Don't be afraid to talk to your would-be neighbors to get their thoughts on why there are so many houses for sale, or to see if they plan to sell also.
The exception, of course, would be new construction. If a builder has invested in a big project, they're expecting and encouraging growth.
If local businesses are closing the doors, or if the entire neighborhood is highly dependent upon one employer, it may not be a good sign. Look for new businesses moving in and hiring. The added bonus of this is that you'll have plenty of entertainment and convenience options nearby. In 2016, the fastest-growing neighborhoods in the country were full of new construction and new job creation.
When families move into a community, it's usually a good sign of growth. You also want to make sure there are good schools in the area, even if you don't have any children yourself. If you sell your house someday, it can help living where there are quality schools for families wanting a community to raise their children in.
If children and adults are regularly outside playing, exercising, or walking their pets, it is a good indication that the neighborhood is safe--which is a positive aspect that will encourage more people to move to the area.
Paving new streets, new sidewalks, new traffic lights, and new road signs are all good indicators that the local government is expecting the area to keep growing. You will typically see construction on roads and bridges in communities that are expecting growth.
Look for signs that say, "We've been expecting you," with well-maintained walking paths, crosswalks, pedestrian bridges over the street, street lights, bike lanes, dog parks, and benches. New business parks, even if they're not filled with businesses yet, show that there is a potential demand for businesses looking to invest.
You can't rely totally on any one of these factors to indicate growth in the community: for example, "Maybe the traffic lights replacing stop signs were a long time coming and are an indication that the local government is always one step behind." When you begin seeing an upward trend amongst several of the factors mentioned, you can feel better about your new home being in a growing community--right where you want to be.
If you're buying a new home, contact us. We're committed to helping you get the best mortgage at the best price, allowing you to focus on getting settled in a community that is meant for you.
We are a direct lender and a broker who will work one on one with you to exceed your expectations. If we don’t have a product that makes the most sense for you, we’ll find the lender that does. We’ll make sure you have the best loan at the best price. Choose Lend Smart- it’s the smarter way of doing business.