11 Pluses and Pitfalls of Moving to an 'Up-and-Coming' Area

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It's natural to want to get the most bang for your buck when you buy a house. So perhaps you're tempted -- rather than seeking out an established, solidly middle-class community -- to purchase a home in a neighborhood that (you hope) is up-and-coming.

Maybe you've spotted a cute neighborhood with older houses that are slowly being remodeled. A few cafes have opened, and some offices are moving into the area. You've notice a new coffee shop and co-working space. And, tellingly, a look at the recent sales data shows you that home prices have climbed 10 percent year-over-year for that ZIP code. "Great," you think. "This is a clearly an emerging neighborhood. I'll buy here."

Not so fast! Before you sign on the dotted line, you need to seriously weigh the pros and cons against your personal values, goals and preferences to decide what's best for you.


Paula Pant ditched her 9-to-5 job in 2008. She's traveled to 30 countries, owns six rental units and runs a business from her laptop. Her blog, Afford Anything, is a gathering spot for rebels who refuse to say, "I can't afford it." Visit Afford Anything to learn how to shatter limits and live life on your own terms.

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socioeconomist1

buying property is stupid.... but buying property within the city limits is even more idiotic. The only thing worse than buying a house and paying state and county property taxes is paying state, county, AND city property taxes. Where I live in the country; wealthy doctors, lawyers, business owners, etc all move out of the city to and there are no cops or fire departments close by. The nearest grocery store is 8 miles away. We are just out in the middle of nowhere away from the crowds, poor people, artists, young D-bags trying to start a coffee chop, and municipal taxes.

July 18 2014 at 7:42 AM Report abuse rate up rate down Reply
Annika

It really helps to actually know the area that you're thinking about moving into before actually taking that step. I've moved to the city I live in 20 years ago and have seen a lot of change happening since then.The downtown area used to be a haven for the homeless, and security guards would walk the streets reporting gang tagging. Now a university campus and a school of the arts have moved into that area, which has brought lots of money to the city, along with students and young professionals. These professionals have to live somewhere, so condos have sprung up along the downtown area's waterfront and further up on a hill which, 20 years ago, was one of the worst neighborhoods in the city. Although this are has been under development for the last 10 years it's still a good time to get in and buy since real estate prices haven't risen as sharply as they normally would have if the economy hadn't tanked in 2008, and the university alone will guarantee economic stability for the future.

July 18 2014 at 2:54 AM Report abuse rate up rate down Reply
virtualblair

These fullscreen series articles, suck. You can't scroll down to read the entire picture text caption...

July 17 2014 at 6:54 AM Report abuse +3 rate up rate down Reply