September 30, 2009

The Regeneration of Towns and Cities

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Urban Decay & Regeneration

Urban Decay & Regeneration

The economy has certainly seen better days. More and more people are losing their jobs, getting cut back on hours, and generally feeling the weakening of the present economy. This momentum has unfortunately transcended to all consumer markets, and made the consumer less able to not only afford larger purchases that they once could, but also feel comfortable about doing so. This shift in financial confidence has led more prospective home buyers to consider buying older homes instead of new construction homes.

This trend towards investing in older and more historic homes is due to the fact that older homes-quite simply are considerably less expensive. This means less of an investment, and less fear of financial ruin. People buy these fixers uppers, invest money in repairs and renovations, and boost the home’s value demonstratively. Fortunately, the specific home is not the only subject of boosted value, the same applies to the neighborhood it is housed in, and-with enough homes of this type-the town or city gets a boost in market value as well. With more regeneration of towns and cities, we can expect the revived real estate market to slowly breathe life into our faltering economy.

So, how does this exactly happen- this regeneration of towns and cities? Through the massive trend that is sweeping the nation: the purchase of older homes in the same area, i.e. same neighbourhood and city/town. It may seem that this sort of trend would be slow and random, but as the economy bottoms out, the purchase of older homes in economically stale areas is happening more and more…everywhere. This is because purchasing one of these homes is very inexpensive, requires-for the most part-relatively little investment (certainly when compared with purchasing a newer home), and allows a home buyer to increase home value while they wait for the real estate market to rebound. Let’s take a look at how a prospective home buyer might initiate a home renovation of an older home in one of these areas.

Location:

Market Trends:

Value:

Repairs/Work:

With the economy as it is now, real estate may have seemed to take a dip in buying and selling of property; but luckily there is still abundant activity. This activity-though not focused on high value newer homes-is built upon investment-building in older homes in stalemate areas. These neighbourhoods, towns, and cities of today will-through solid purchase, maintenance, investment, and renovation –be the valuable homes of a better economy. Home buyers are starting to take the real estate market into their own hands from economists and real estate marketers-to transform and create a more solid financial ground for themselves, their families, and the economy overall. It’s time to be a part of it.

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