The Impact of New Local Developments on Property Values
New local developments can significantly influence property values in surrounding areas. Generally, improvements in infrastructure, such as new roads, public transportation, or schools, tend to boost property values by enhancing accessibility and quality of life. Commercial developments like shopping centers or business parks can increase property values by bringing jobs and amenities to the area. However, the impact isn't always positive. Industrial developments or projects that increase traffic and noise might negatively affect nearby residential property values. The construction of low-income housing can sometimes cause concern among existing homeowners about potential decreases in property values, though studies show this fear is often unfounded. Ultimately, the impact of new developments on property values depends on the nature of the project, its integration with the existing community, and how it affects the overall desirability of the area.
- When you need to work on your credit. Maybe your credit score is just starting to recover, but you need more time to pay down debts for a couple of years. With rent-to-own, you could start investing in a home while you bring up your score.
- You’re close, but not quite ready to secure a mortgage. You might have a good job with a significantly bigger salary, but you haven’t been there long enough for a lender to consider it a stable source of income. Or maybe you’re self-employed and you’re still building a reliable track record. Rent-to-own allows time to build personal wealth and financial credibility while working toward your homeownership goals.
- When you know you’re going to buy when the lease expires. If you’re not ready to buy when the lease expires, then you will lose any rent credit, i.e. investment, you’ve put into the home.
