As you look at potential neighborhoods for your new home, you may come across the term “revitalization.” This usually refers to a neighborhood that was once in decline but is on the upswing again due to buyers renovating homes and increasing the property values. This type of neighborhood offers both risks and benefits to buyers. Take a look at both sides of the story before you decide to buy. Potential For Profit Neighborhoods that are undergoing revitalization offer a great deal of potential for a profit. Because home values are generally still low in the area, buyers can get into a home at a good price. As the property values in the area rise, those who bought early in the process will find their home worth a lot more than the purchase price, often within a few years. The profit can sometimes be a bit slower in coming, however, since it takes time for the reputation of a neighborhood to change, and renovations that increase value take time as well. Still, as long as the upswing continues, these homes can really mean good equity in the future. Hard Work Is Needed Many of the homes in these types of areas […]
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