If you’re curious about how real estate development can help transform neighborhoods, which have untapped potential, continue reading to discover 4 ways real estate can transform neighborhoods from Pedro Martin Terra Group.
How real estate can transform neighborhoods:
1. Newly built homes and renovated homes will transform the look and feel of the whole community
If new homes start to spring up in an area, it’s likely that the community as a whole will start to transform as a result. As an example, if a community starts to look like a more attractive place to live, new businesses may be tempted to open up shop in the community as a way of revitalizing the neighborhood.
If quality businesses such as gift stores and cafes, start to open up in an area, the area will start to become a more desirable neighborhood for young professionals, families, and retirees to move to. In time, if more and more new houses are built in an area, you may even see new community facilities such as schools, libraries and public playgrounds being built.
2. Newly built homes and renovated homes can increase the average house price of homes in the area
While some individuals mistakingly believe that house prices are primarily determined by the current state of the house in question, the reality is that the area which a house is in influences a house’s valuation just as much as its current condition.
As an example, the cheapest house in a street often is sold for a price which is much higher than it’s valuation. This is because the house in question may be located in a desirable, attractive community, which potential home hunters would love to move to.
So it should come as no surprise that the more newly built homes and renovated homes pop up in a neighborhood, that house prices in the area, in general, should start to rise.
3. New real estate often has a flow-on effect on the other homes in a neighborhood
When new real estate springs up in a neighborhood, it’s not unusual for the existing homeowners of older homes to renovate their home and yard, so that their property matches the new look and feel of the neighborhood.
In fact, once a few homeowners start to make renovations to the exterior of their homes, it’s highly likely that other members of their neighborhood will begin to follow suit as no one wants to be known for owning the least presentable home in the neighborhood.
4. New real estate will encourage further real estate developments
When new sub-developments and streets are built in a neighborhood it attracts attention from property development companies as well as from individuals and families who are looking to purchase a property in a safe, friendly area. So once new residents move into a community, expect to see demand for properties in the area start to skyrocket!
In conclusion, new real estate has the potential to transform a neighborhood. Not only will new properties encourage current homeowners to renovate their properties but new businesses will start to open up and real estate developers will start to take interest in building further properties in the neighbourhood.