5 Expert Tricks to Discover & Buy Hot Properties
The term “property hotspot” has gained a lot of prominences lately. It’s a marketing tactic that brings a certain housing area into the spotlight in a bid to attract more and more buyers. Now, although it’s an age-old trick that realtors use, housing affordability expert Ian Ugarte says that there are a lot of scams going around the concept as well, which is why it’s important to be cautious while making deals.
According to Ugarte, property hotspots are a myth, and they only push buyers to run after unguaranteed domains. When a suburban area becomes a hotspot, hundreds of buyers line up to splash money on different properties there. However, people often meet with losses in such cases because it’s as good as betting on a horse that wins purely by luck.
As opposed to what others say, if you can identify future property hotspots on your own and put your money on them, you’re likely to make better profits than what you’d make with other deals. And to help you identify areas that are likely to turn into hotspots soon, we’ve rounded up the following expert tips. Have a look.
Check the real estate heat map of the area
Real estate heat maps show the geographical structure of places along with their current values. All you need to do is, choose the area you wish to invest in and Google that location’s heat maps. You can identify a cold spot surrounded by live warm spots. It’s these warm spots that indicate that the region is to catch attention pretty soon.
Check the transport facility in the area
Several studies have shown that people always want to live in areas that are close to transport facilities like the bus stop and train station. So if you invest in such an area, you’re more likely to get tenants easily.
Choose areas with more population
Places that are currently under development but show signs of getting densely populated are likely to become hotspots. More high-school students and families moving to such areas are signs that the property prices there will increase pretty soon.
Check upcoming projects in the area
An area where civic amenities are planned say town halls or public malls, can be considered as an upcoming property hotspot. Such an area will surely witness more commercial construction, an increase in prices, and more job opportunities.
Read about the property
Once you think you’ve come across the perfect location, make sure you check how its value has fluctuated on the market in the previous years. You can use tools from estate sites this.
A few last words
Predicting the market is the biggest skill of an investor. Once you learn to master it, you can’t be tricked. The only way to become a pro at predicting property hotspots is through constant monitoring of the market, research, and consulting other experienced people. We hope the tips above can help.
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