Cities are ever-changing. With each year, as new buildings are constructed and neighborhoods are transformed, home values can be dramatically impacted. For homeowners and, perhaps even more importantly, homebuyers, its essential to keep a pulse on future development plans in your area. When looking at property throughout the city, here are just a few things to keep an eye out for.
Protected Views
Before you go falling in love with a homes sweeping views of the skyline, make sure theyre protected. Should a building be constructed nearby, it could not only obstruct your views but also block out natural light and have a less than desirable impact on the property value. For this reason, its especially important to work with a real estate professional whos in the know when looking in neighborhoods that are experiencing rapid development.
Luxury Supply
Like any marketplace, the future supply of luxury housing will play a key role in your homes long term value. In exclusive neighborhoods that are protected from further development and have a limited housing supply, chances are prices will appreciate faster than in an area thats poised to see an influx of high-end residential development.
Transportation
Future plans for transportation and infrastructure development around the city can be both a blessing and a curse. On the one hand, you probably dont want your quiet neighborhood to turn into a bustling thoroughfare that commuters are racing through, but the addition of a nearby metro stop can certainly be beneficial. Improved access to main roads and highways is always a welcomed change, so long as it doesnt totally transform the immediate area that youre living in.
Noise Pollution
Peace and quiet is one of the greatest luxuries you can have in a city. Of course, it can sometimes be a casualty to development. Ongoing construction, new commercial projects and busier streets are just a few causes of increased noise pollution in a neighborhood. For those who want to escape the sounds of the city each evening, this is something to keep in mind.
Published with permission from RISMedia.