Buying a home is one of the biggest financial decisions you will make in your life and is up there with marriage and divorce as one of the most stressful experiences. Location and space are key factors when moving home especially if you are on a budget. If you have found a place with enough space for your requirements, you want to make sure that the location is up to the mark. The ability to identify an area on the up is a skill that we all envy. We all know someone who bought at the right time in the right location. This often means being able to identify an area on the up before it is actually up to ensure that you get real value for your money.
MyHome.ie provides some useful tips on identifying those areas on the up.
We all want great neighbours but we all have a different definition of what constitutes a great neighbour. Do you want young party animals to have fun with or quiet families who will keep to themselves. Talk a walk around the area at different times of day to get a feel for the neighbours to see if they are your kind of people.
Local Shops and Amenities
New shop openings in an area are usually a sign of an area on the up. Cappucino bars, Deli’s and other eateries are all aspirational aspects of modern living so if you spot these kind of places opening their doors in the neighbourhood, it could be an good indication of what’s to come. Shops, restuarants, bars and cafes all attract people with money to spend. It would be great to spot these kind of areas before this happens as if it has already happened you may have already missed out on a bargain property.
Big Clean Up
Areas that are getting a lot of investment, maybe from the local council in the form of tree planting, road re-surfacing or litter bin installation, usually means that there is a lot of investment being attracted to the area. These are all good signs.
An area with good quality historical buildings ripe for conversion to modern living are always good. You may spot a lot of renovation work going on in properites in the area. If you see the developers moving in, then it is likely that this will be good investment. Try to spot a building with development potential and you might end up with a right bargain on your hands.
Think of the Future
Your current desires and needs in a property may not be the same in a few years time. As your life changes so too do your housing requirements. You might be single and carefree now but think ahead. Investing in a larger property with more space than you currently need may prove to be the brightest decision you have ever made if you end up married with a couple of kids a few years down the line. In the meantime, you can always rent out a room to supplement those mortgage repayments. On the other hand, you will also want to consider the ease with which you will be able to resell your property should you decide to move on. You may also want to investigate local amenities such as schools, parks and clubs, which can be a big attraction for families in particular.
Quiet Life or Party Zone
You need to make a life choice when choosing an area to live. If you have a family, you may not want to live next the local night-spots but if you are young, free and single, it could be ideal.
In many areas on the up you will often spot skips outside properties as new people are moving to the area, gutting their homes and making big investments in their their future there. If your neighbours properties have been revamped and refurbished, this will automatically improve the potential value of your home simply by demonstrating the potential of the property. Money attracts more money but remember you will need to speculate to accumulate.
If there is a college or university in the area, this is always a good sign for rental potential on a property. Renting to students can be a great source of revenue for you.
Again go back to the planning office to check out any plans for new transport routes – trains, buses, roads, luas or dart lines. Extensions of any of these to new areas usually implies that a large amount of investment will follow.
Plans for the Area
Places on the fringes of good area will often follow suit in becoming desirable too. Check out the plans for the area with your local council. You can actually look at the plans in your local planning office to give you a good idea of what the plans are for the area.
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