You see a home on the market that you like. Should you buy it? Before you make an offer, it’s a good idea to get a sense of the property’s long-term potential. After all, a property is not just a potential home, it’s also an important investment.
Here are some things to look for when viewing homes on the market:
Is the area’s average income increasing? The more affluent a neighbourhood becomes, the higher the property values.
Are employment opportunities growing nearby? If jobs are leaving the area, housing prices will likely decline.
Are there any nearby housing or community developments that will enhance the quality of life in the area? If a park with a quiet walking trail, or a prestigious golf course, is being built nearby, the value of the neighbourhood will increase.
Is the crime rate on the rise or decline? This can have a significant impact on future property values.