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It is not a good idea to buy the most expensive house in a cheaper area. You will probably have trouble selling it, and that is hard enough these days, even when your house is on par with the neighborhood.
It is not a good idea to buy the most expensive house in a cheaper area. You will probably have trouble selling it, and that is hard enough these days, even when your house is on par with the neighborhood.
Exactly.
In addition to "location, location, location", the other adage that the OP should remember is that it is far better to buy the cheapest house in an expensive area than it is to buy the most expensive house in a cheaper area.
Stereotyping of the children will be the least of the OP's problems if he/she buys a house that sells for ~$300k more than the typical house in that town.
There are 4 other McMansion type houses on the same block but next door to these houses are tiny houses. There are 20 houses on the block. All of the 4 McMansion houses were built by the same builder so all were similiarly priced when first bought.
Exactly.
In addition to "location, location, location", the other adage that the OP should remember is that it is far better to buy the cheapest house in an expensive area than it is to buy the most expensive house in a cheaper area.
Stereotyping of the children will be the least of the OP's problems if he/she buys a house that sells for ~$300k more than the typical house in that town.
so what are you saying that the parents are idiots?
It is not the most expensive house. It is on par with about 4 of the 20 houses on the block but it is in the top 5% of houses in the town.
Builders buy up cheap houses and build McMansions on them. McMansions are about 1 in every 20 houses in town and in a few years maybe it will be 1 in every 17 houses.
Exactly.
In addition to "location, location, location", the other adage that the OP should remember is that it is far better to buy the cheapest house in an expensive area than it is to buy the most expensive house in a cheaper area.
Stereotyping of the children will be the least of the OP's problems if he/she buys a house that sells for ~$300k more than the typical house in that town.
I don't see it as a huge problem. Its not like its a mansion in a slum, if the average house price is 450k. I am sure the schools are good, majority of adults are gainfully employed professionals, etc.
Grew up in a regular town, had a friend growing up who's father was wealthy, but grew up in town and had family around. Their house was one of the biggest and nicest houses in the town. 2500 sq feet, 2 car garage, pool, wet bar, big yard, etc. Nothing too crazy, and this was before McMansions, but definitely a big step up from the capes and splits most lived in.
It worked out well for them. The family went from just "well off" to become super wealthy. But they stayed living at a house worth maybe 600k until the kids finished school because of friends, and community reasons. Then moved to a mansion that easily cost 8 figures.
I think kids generally don't pay too much attention to that kind of thing. If anything, its a positive. When you have a pool, all the newest video games, season tickets, big screen TV, various toys, etc it makes your house a fun place to hang out.
I still think given the choice most people would rather live in a town with lots of 700K houses around them then be in one of a few higher end houses. So yeah, I think it is going to be more difficult to sell at some point.
It is not a good idea to buy the most expensive house in a cheaper area. You will probably have trouble selling it, and that is hard enough these days, even when your house is on par with the neighborhood.
That's not always the case. Northern Edison basically turned into what it is now because people moved in and bought/built more expensive houses in a cheaper area.
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