It’s an old real estate saying that holds true – location, location, location. This could not be more true, especially amidst a slower real estate market. It’s important to do your homework on the investment you are making, which means that researching a potential neighborhood is especially important. An example of a great neighborhood is Denver’s Platt Park community. Platt Park homes have held their values well throughout the real estate slowdown, and the community is constantly recognized as one of Denver’s hottest places to live, landing on lists like “Denver’s Elite Eight.” We will use the Platt Park as an example of a great neighborhood to invest in throughout this article.
Here are a few things to think about when researching a potential neighborhood to buy a home in:
Location: One of the most important things to think about is the area’s appeal to commuters. How far is it from the area’s major business and culture centers? Denver’s Platt Park neighborhood is located right alongside I-25, making it an attractive location. Bounded by Downing Street, South Broadway Street, Mississippi Avenue and Evans Avenue, the community is only minutes from downtown Denver and from the University of Denver, making it an attractive spot for those affiliated with the University of Denver, along with commuters who commute to downtown Denver, or to the Denver Tech Center.
Affordability: Home prices have dropped across the country, and now is the time to take advantage of it. While affluent neighborhoods sometimes make wise investments, your money will go much further in a neighborhood with lower home prices. The neighborhood’s property prices range from the $200s to the $800s so they are very affordable compared to nearby neighborhoods.
The Neighborhood’s Neighbors: Take a look at the neighborhoods that surround your target neighborhood. This might give you an idea of what trends your neighborhood might follow. It is especially ideal if your community has lower home prices than its neighbors. Platt Park is located near Washington Park, one of Denver’s most popular addresses, but it is much more affordable.
Amenities: Evaluate the neighborhood’s amenities. Is it close to many recreational opportunities? Is it close to plenty of stores and restaurants? Platt Park is located near the beautiful Washington Park and the retail districts located on Pearl and Gaylord Streets. If you want to be close to these things, then it means that future homebuyers will want to be near them also.
Variety of Homes: It is important that a neighborhood has a large variety of homes and architectural styles. Platt Park homes feature everything from bungalows to classic Victorian-style homes. There is literally something to suit every homebuyer.
Platt Park homes are a wise investment for the future, so don’t miss out on your opportunity to buy one during a buyer’s market coupled with historically low interest rates.