A home is perhaps one of the biggest purchases that you're going to make in your life. On top of finding a place that is comfortable and able to cater to your needs, you also want to make sure that this asset will grow. In fact, 61.4% of the average American household's net worth is in home equity. Look for homes that are situated in communities that are still potentially growing, as these properties are most likely to rise in value the most. Here are 3 indicators that the area you are looking at will continue to grow in the future.
Ask the Realtor About the Market Value of the Property in Past Years and the Growth Witnessed
Having a realtor represent your interests comes in handy thanks to all of the research and information that the realtors have on hand. In particular, ask to see what the market value of the property was appraised at in past years. See if you can notice any trends related to growth. An experienced and licensed realtor should be able to give you an approximate idea of how much the property value should increase with time.
Take a Drive Around to See Whether Some of the Biggest Names in Retail Have Made Their Mark
A good indicator that the area will continue to grow and expand in the future is if some of the biggest names in retail have started to make their mark in the area. Take a drive around the neighborhood to see how many brand name coffee shops, like Starbucks, or fast food restaurants, like McDonalds, have started to open up branches in the area. If the area seems to be rather popular at the moment, there's a good chance that it will continue to grow and build in the future. This means that your property will become even more popular and in demand in the future.
Consider Whether the Area Is Perfect for Families Just Starting Out
You also want to take a look at the neighborhood to determine the type of neighbors or the type of community you can expect upon moving in. If you see a lot of young families or young couples moving into adjacent units, there's a good chance that the local area will mature and grow with time. This means that the market value of your home will generally continue to rise as the community grows.
Even if you're just simply looking for a place to call home, it's wise to buy a house in a good area that will continue to grow. This means that your investment will grow with you, and that the property value of the house will rise with time. By the time that you end up selling the house, you might even turn a huge profit.