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Old 09-19-2009, 11:24 PM
 
93 posts, read 424,128 times
Reputation: 39

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Looking at mediocre homes in great location OR great home in average/decent location?

Really nice sought after neighborhood that has houses missing a few important things from our wish list or a really nice home in an average location with everything on our wish list.....this is a tough one.

What's the best advice?
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Old 09-19-2009, 11:26 PM
 
Location: Austin, TX
20 posts, read 64,096 times
Reputation: 16
What's the famous real estate line?
The three most important factors in buying a home?
Location, Location, Location.

Or as my (realtor) mom always says - "look for the worst house on the best street"
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Old 09-19-2009, 11:33 PM
 
93 posts, read 424,128 times
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I know, that's all we keep telling ourselves.
BUT....we did this before in our last house and ended up hating the neighborhood and then we couldn't afford to furnish the house. So it turned out not so good for us.

I know, location, location, location. Ugh.
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Old 09-19-2009, 11:37 PM
 
Location: Austin, TX
8,703 posts, read 17,359,726 times
Reputation: 4783
How long do you plan on staying? A "great" home (especially a new one) in an average/decent location can easily become a mediocre home in a mediocre/bad location after 10 years... in fact, I'd say that's the norm.
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Old 09-19-2009, 11:40 PM
 
93 posts, read 424,128 times
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Long time.

Here's more detail. Great location is Steiner but great home in Round Rock Forest Creek or Mayfield.
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Old 09-19-2009, 11:57 PM
 
845 posts, read 1,797,731 times
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Why do you consider Steiner a great location? Because of its reputation and outside factors or is it a great location for your family because its close to your jobs and the amenities and things like that? I think sometimes "location, location, location" is taken to mean "expensive", but to me it means that I have a quick drive to work, it's near things that I like, it makes my life better...
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Old 09-20-2009, 12:48 AM
 
Location: Austin, TX
8,703 posts, read 17,359,726 times
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Well, "location, location, location" in Austin usually means one of a few close-in neighborhoods... ones that have been desirable forever, long ago built out. There are only a limited number of properties in these areas, and that number won't increase... so, as the metro continues to grow, their desirability just goes up.

However, second to that, are neighborhoods like Steiner which possess the West Austin geography (hills/views/lakes)... that's also in limited supply, and will probably always be desirable. Not to say some of those areas aren't overpriced by today's standards, but I can't imagine there ever being slums or a bad neighborhood in the hills west of Austin. Ever.

Forest Creek, or other RR near I-35... not so sure.
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Old 09-20-2009, 01:35 AM
 
Location: San Angelo, TX
2,005 posts, read 3,307,602 times
Reputation: 2467
If you hate the neighborhood, you're gonna' hate the house...
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Old 09-20-2009, 10:38 AM
 
Location: Hutto, Tx
9,247 posts, read 24,380,943 times
Reputation: 2824
Forest Creek will never be a slum. It's one of the few higher end neighborhoods in that area.
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Old 09-20-2009, 10:44 AM
 
1,137 posts, read 2,341,258 times
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I'd go with Steiner as the schools are better, and you are not tied to one employer whose physical or financial movement won't impact your resale.
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