According to real estate expert Michael Corbett, there are a few simple ways to tell whether or not you should buy in a particular neighbourhood. In his book Before you Buy! The Homebuyer’s Handbook for Today’s Market, Corbett outlines some of the tried and true methods for knowing where and when to buy.
One of the best ways to tell whether you should buy in a particular area, according to the book is to look out for the arrival of big chains like Starbucks. When big chain stores start to appear in a neighbourhood it means that the area is up and coming.
Finding areas that are transitioning into more desirable real estate is the best way to get the most bang for your dollar. Fringe or transitional neighbourhoods are ones that are up and coming, that is, moving from less desirable neighbourhoods to more sought after ones.
These transitioning neighbourhoods become gentrified through time. Corbett’s book is a guide to helping you find these areas before it is too late and the prices have skyrocketed.
Your Vancouver real estate agent should of course have his or her finger on the pulse and be able to tell you which neighbourhoods are going up in value. But doing your own research is always helpful. By knowing where you want to buy first, you can select a realtor that knows the area well and that specializes in finding deals there.
Generally, Starbucks and other large chains spend a lot of money analyzing neighbourhoods and cessing out which areas to set up a new location in. You can capitalize on their research simply by keeping a keen eye out for these additions.
The neighbourhood full of tattoo parlours and other less fancy shops may be the next Point Grey Real Estate investment. Not only will you save yourself money at the outset, but you’ll see your investment grow through time.
Finding ways to save money on your real estate investment for living in a new house, considering retiring in Southern Florida etc, are important for any buyer. Doing your research and speaking with a knowledgeable realtor are keys to making your money go further.