Got a Rundown House in New Orleans? It Might be Worth More Than You Think. Here’s What to Know.
You may have heard the word ‘gentrification’ in both the media and casual discussion. While metropolis residents and news reporters may complain that gentrification is a blemish on urban communities, it’s a complex issue that can’t be summed up in a single paragraph. So read on to learn more about gentrification – the good and the bad – and how it affects your real estate.
Just because your property might not be in top-tier market condition- does not mean that the value is as low as expected, especially with gentrification efforts in the New Orleans area.
Gentrification has been booming in the Southeast Louisiana region since Katrina, with efforts to restore and reunite the community after such a devastating casualty.
There are many definitions for gentrification and confusing discussions about development and displacement. Anti-displacement activists describe gentrification as a profit-driven class change in a historically disinvested neighborhood. “Disinvested” in this context means areas that corporations and governments have abandoned—where there has been little new development or maintenance of existing buildings or institutions. Gentrification occurs where land is cheap, and the chance to make a profit is high due to the influx of wealthier wage earners willing to pay higher rents.
This can directly affect your process when trying to sell your rundown home in a neighborhood experiencing new construction, updated roads, and overall gentrification.
If you have a rundown home in the upscaling neighborhood, you could be sitting on a lot of money. As many people are unhappy about gentrification, this could be the best possible thing for your rundown property.
The National Low Income Housing Association studied, “housing residents in gentrifying neighborhoods are exposed to less violent crime, are more often employed, and have higher incomes and greater educational attainment than their counterparts in low-income communities. The urban revitalization also brings more services to an area.”
All of these factors play into what your property is worth- investors desire neighborhoods with less crime, more employment, and other factors associated with gentrification, increasing the value of your rundown home.
See how much you could receive for your rundown property by clicking this link and speaking to a real estate professional.