Like many home shoppers, our buyers often want to be steered toward Smith Mountain Lake’s best neighborhoods, particularly the ones that are up-and-coming hot spots. The latest real estate trend is turning outdated locations into the next great neighborhood through home flipping and community rehabilitation. Not only is it a social payoff to live in an up-and-coming area, but getting into an outdated neighborhood at the start of its restoration can become a rewarding investment. Commercial development, an increase in home improvement and climbing home sales are signs a once disregarded community is experiencing a renaissance – and so will its home values.
How to Spot an Up-and-Coming Community
Your expert real estate agent will serve as your best guide to Smith Mountain Lake’s best neighborhoods. Someone with years of experience living and selling at Smith Mountain Lake, like Deb Beran, can almost immediately spot an area of growth and promise. Here’s what you and your real estate agent can be looking for:
Four Signs a Neighborhood is Taking Off
A Climb in Convenience
Popular amenities in nearby communities are beginning to overlap. When commercial development is happening around the corner, it’s a sure sign the residential areas that connect will reap the rewards. More retail outlets, restaurants and gas stations are a good sign, as well as effort invested into improving roadways and the overall curb appeal of whatever is nearby.
Spotted: Tools of the Trade
If the neighborhood looks like a construction site, it can mean bigger and better things to come. Property renovations and new home construction are a sign of investment interest and increasing values, so when you see multiple homes with ladders, buckets of paint, shingles and pressure washers in the front yard, it’s a sign that homeowners take pride in where they live and property values may be get a healthy boost.
The Housing Market is Heating Up
Homes are selling at a faster pace in this neighborhood over the others, which means other buyers see something special in this particular location. Ask your real estate agent what is driving the housing market in this particular area and if they think it’s one of Smith Mountain Lake’s best neighborhoods.
It Appeals to All Ages
Smith Mountain Lake’s best neighborhoods have both the stability of older homeowners and the economy-driving presence of young professionals. In order for a hot community to maintain its prime, it can’t be too exclusive to one demographic. A healthy mix of amenities that appeal to a range of ages is ideal.
