What hasn’t happened yet can impact the value of your home.
“Today, the probability of staying in your first home or even your second home for many years is unlikely because people change jobs more often,” said Jonathan Faccone of Halo Homebuyers LLC. “That is why when purchasing a home it is not only important to look at the considerations that will impact immediate well-being, but the ability to be flexible — meaning easy to sell — during a job or life change.”
Faccone urges clients to look at new businesses coming into a neighborhood, proposals for major economic development plans and the political culture. "It's usually the people at the helm and their policies that can either produce either an incline or decline in neighborhood growth," he said.
Pay a visit to the town’s planning office and see what is proposed for the area. Is a big, proposed shopping mall going to increase traffic in the neighborhood? Is the town approving lots of condos and apartments, which can increase in-town traffic? On the flip side, is the town planning to approve a revitalization of a nearby area that could lift your property value?
Even if you don’t directly abut the development, a big project can impact the entire atmosphere in a town. Make sure you understand what has been proposed and what residents think about the proposal.