You picked an up and coming neighborhood did you? It sounded like a good investment in the beginning, but when the home values around you skyrocket so does your property tax. Cost living is one the hidden costs of home ownership. There are many cost which affect cost of living like parks, schools, waterfront properties, businesses and etc.
Parks
When there are well maintained parks in the neighborhood, it sprawls in to attracting wealthy individuals. Parks alone will not attract wealthy individuals, but topped with schools and businesses are sure to see an increase in value. If know home prices will rise make sure you pay off your home so you no longer have a mortgage. Mortgage payments and rising property taxes are not a good combination. When make good use of your knowledge make sure you charge those you inform. If you want to offset the cost of living in your neighborhood start a petition for community care and see if the politician will allow a tax credit.
Schools
Schools are a good way of knowing rising cost of living are coming. A simple indicator is because politicians must raise taxes in order to pay for construction as well as maintenance costs. When you live in a radius where there is an abundance of schools, chances are you are likely to see property taxes skyrocket. Businesses are likely to raise their prices since they know demand will increase. Schools are also an indication libraries will soon follow. Universities usually raise prices much higher than any other school, especially if they have a really good program. When universities are built, it often leads to more law enforecment patrols which can also result in more taxes to be paid.
Waterfront properties
Waterfront properties under construction will raise the overall value of a neighborhood. Cost of living is not limited to properties. If affluent individuals move into the neighborhood, they influence change in the demographics of the area. When you invest in such a property, make sure you rent it out instead of selling. Waterfront properties increase from properties to insurance rates in the local area, so it is important to be prepared. When waterfront properties are under development, remember they charge a lot more for condominiums than a single home; this results in a neighborhood with more affluent individuals. If you want accurate information, then contact your local real estate agent.
Business
Business development can be tricky since it is hard to tell who has a home based business. When you have the time, then be sure to look up local business on a search engine. If you decide to start your own business, there are many fees associated with the cost such as liability insurance and overhead. Businesses in underdeveloped neighborhoods affect cost of living since they will have less access to an abundance of supplies therefore driving the price up. If you want to foolproof your decisions, make sure you own a lot of things as soon as possible.
Cost of living is tough to predict. You can ensure flexibility by minimizing debt. Always be on the lookout. Good luck!