By Jerry Mooney
While it’s easier for more and more people to live a life outside of the limits of poverty, that doesn’t mean we’re all able to become affluent. Sometimes, working the job you desire means limiting your income to a degree. Not everyone wants to become part of the high-class elite, living in luxury penthouses and mansions. However, that doesn’t mean the wealthy property boom will not affect you. It was only a matter of time for gentrification to become such a hot-button issue, and in cities like London or states like Washington, this is becoming a real problem.
As prices rise in your local area, it might be difficult to keep up. It might be that moving closer to your job is less of a possibility, or that renting in the area you’ve lived in for decades is starting to seem less possible. Being costed out of your city is something that might happen, particularly as wealthy corporations, foreign investors and multiple property owners become interested in developing more in your area.
We have some advice if this is happening to you. Some you might like, some you might not, but all of it will be useful.
This is potentially the first option. It’s important to be realistic about how your neighborhood might look in a short period of time. While often a more expensive and premium surrounding could be wonderful, it might be that your rent could increase. It might be that your office is no longer able to keep up with the operating costs, and decides to move elsewhere. It could be that it’s harder to find public schooling for your children. Of course, all of these are unlikely to happen at once, but if you see that your surrounding amenities are anything but ideal from a cost or change perspective, changing your environment could be worthwhile.
If you’re a homeowner, this could be an excellent time to take advantage of rising house prices. Using a firm like Altrua Financial, selling up and heading a little further out into the city with extra buying power could truly net you the house of your dreams. So moving may not always be a negative acceptance, but something wonderful to grasp. Consider your personal decision, and leave not outcome out of the question. This will help you make the right choice well.
Of course, sometimes moving is not possible. We’re not all awash with funding, or have the privilege of owning a home in the slightest. If you find that your rental property is becoming more and more expensive, you are able to submit complaints to your local authority or council. If you do this, you’ll find that power in numbers can win out. You might be able to delay or stop completely harmful development projects that threaten to injure your community health. For example, a beautiful park or leisure centre being demolished for luxury flats could be seen as an affront to the prosperity of the community. If you utilize social media, crowdfunding sources and petition websites well, you might be able to stem the tide of this investment with the power of protest alone.
Not everyone in your community will be as passionate as you are, and some may be more so. If you truly feel like this is the only option, making your voice heard can do wonders in stamping your intent. Know your rights, and operate lawfully in all circumstances, and who knows what you might achieve towards the preservation of your community.
Of course, not all gentrification tears communities apart. Sometimes it can help them become more prosperous. For example, your store or business in a select area might attract a new type of client, one which visits much more regularly, or invites you to partake in further work. It could be that if you’re a landlord, you can finally justify the costs of a full and complete renovation to your old properties. It could even be that the crime rate in your area is lessened to a degree, meaning that your community projects or general asset acquisition could become more safe.
It’s likely that now is the best time to invest in local stores, take shares out, and become more interested in the financial goings on of your area. You may be able to earn a small fortune, or inject your humble operation with more exposure and funding than you had realized.
With these tips, we hope the bite has been somewhat taken out of being costed out of your city. Sometimes, it’s not always a bad thing.