We Have Old Friends Who Have Lived Their Entire Life In Such Surroundings

Category: Finance, Real Estate.

Finding good affordable real estate in cities can get really difficult. The hope that we may find something near restaurants, work places and good environments for small businesses can get complicated and prohibitively expensive.

Finding the right neighborhoods for an investment in a home may seem overwhelming for those of us who like city life. Living over the store is a good lifestyle with a long and distinguished history. It just seems really hard to find the right location. Small business owners can save and thrive with this basic money saving strategy of working and living in the same space. But there is a way to find the affordable locations and the quality of life urban dwellers want and set yourself up to make very good money if you ever sell. Why? Follow the artists.

Artists usually don' t have much money early in their careers. They have to look for a lot of quality of life needs that real estate developers would ignore. They are also motivated by more than just the need for some place to live. They need to be near other artists, places to work and venues for their art. City lifestyles want and look for coffee shops and restaurants and movie houses and galleries within walking distances of homes, not 10 or 15 miles away. Developers want the neighborhoods to be limited too much in a wrong- headed quest to guard property values in the same way as gated communities and suburban life styles do.

The atmosphere of creativity that comes from the artistic and entrepreneurial encourages other businesses to spring up around such communities, further enhancing run down neighborhoods and improving the quality of life for everyone living nearby. Such mixed- use neighborhoods can revitalize degenerating places and push out crime by attracting more involved and demanding residents that municipalities want to please because of their contribution to the tax base. While the payoff in such areas may be slow to develop, the value of real estate could go up significantly over the long haul and generate good places to live and do business. Many municipalities encourage such revitalization with tax incentives, government loans and other perks. Money and investment follow the improving business climate. Municipalities want a good healthy tax base instead of a bunch of abandoned properties harboring criminals and will work to get things going. As things start to improve, people come to shop, values go up, business notices slowly at first and then faster.

For those of us who don' t cook it's the best of all things. restaurants and coffee shops and work all near and dear. All the businesses and homes feed the revitalization. Part of the attraction may be old buildings with special character and architectural detail. Big buildings could serve as homes and businesses both. Huge old mansions may turn into multi family housing or mixed- use buildings. A savvy investor might have a restaurant or antique store or rental units AND a home in one building. We have old friends who have lived their entire life in such surroundings.

The next thing you know you' re living in a desirable location. Sure the neighborhood wasn' t great when they first moved there shortly after they married. It had to be remodeled, of course. But now they live in an old house with lots of its original character and quaintness. Restaurants and shopping are very close. Best of all, the sale of the house could make their retirement very comfortable. No need to crank the car.

It's worth WAY more than it was when they first bought it. Are they happy? A beautiful city park is just 2 blocks away. You bet! If you can handle some risk and the danger for a few years, it just might pay off big for you and your new neighbors.