Largest house in the neighborhood (Coppell: apartments, houses, buying)

[sara212]

We have seen a house in Coppell that we really like but it is way larger and nicer than the houses in its neighborhood. It also has a huge lot. The house is close to Andrew brown park east and the townlake of coppell apartments. It's about 1000 sqft bigger than most of the neighborhood houses. I had actually gone to tour it because I assumed it was a nice neighborhood considering how close it is to the pecan hollow subdivision.

So, would it be a bad idea to buy this house from a return on investment perspective? It definitely needs some updating but I'm worried we'd never get the money back for all of those updates.

[UnfairPark]

See if you can get price down a bit as this time of the year, their aren't too many buyers so you have an edge. It's a huge lot and a nice house. If you can get them to come around $590k, you'll have enough to update. If you do put in some money for updating, you'll enjoy it for years and even if you don't get it back in sale, updates would make it stand out and sell faster.

[FalconheadWest]

It's all perspective. You buy it lower than comps and you'll sell it lower than comps. You can't expect to buy it lower and then try to sell it well above comps when you sell. Larger homes get less dollar per sqft when land size is equal. You said this lot is much larger which means it holds a premium there too.

You need to figure out what you would pay, and then use the same rationale when you go to sell as the buyers will think the same as you.

[TeamLynn]

We normally advise against buying the largest house in the neighborhood. Even in a place like Coppell 1000sqft sounds like a lot?
Was it built that way or is it an addition.
Just be aware that it may sell now at a discount, and probably will in the future too.
Buying a unique house is to enjoy....not for ROI.
If you get the ROI, then it's a bonus.

[sara212]

Originally Posted by TeamLynn

We normally advise against buying the largest house in the neighborhood. Even in a place like Coppell 1000sqft sounds like a lot?
Was it built that way or is it an addition.
Just be aware that it may sell now at a discount, and probably will in the future too.
Buying a unique house is to enjoy....not for ROI.
If you get the ROI, then it's a bonus.

The house was built this large. Honestly the house is only 2800 sqft, its just that the average house in the neighbourhood is between 1500-2000sqft. I'm honestly confused why they would build these types of houses right next to andrew brown park east, I believe it's called the park meadow subdivision. This could have been a really desirable neighbourhood had the houses been a bit larger overall. As it is, the small houses make the whole neighbourhood look kind of shabby, which is the big negative for us.

[UnfairPark]

Oh then it’s not the house I thought you were looking at, my post is irrelevant.

[sara212]

Originally Posted by UnfairPark

Oh then it’s not the house I thought you were looking at, my post is irrelevant.

yeah 590k is way above our budget lol!

[sara212]

I'm thinking we are going to pass over this house. I'm pretty dead set on finding a house in pecan hollow. I love that neighbourhood. It might be a while though before one in our price range (400-450k) pops up.

[UnfairPark]

Originally Posted by sara212

yeah 590k is way above our budget lol!

There are plenty of good homes available for every budget, fancy houses are another story. I hope you find a good home which meets your needs and your budget. Good luck!

[TheOverdog]

If it's only 2800 sq ft, that's a normal house size now, and if you are a long term investor, then the smaller houses are going to be renovated to be the same size assuming Coppell remains a desirable place to live. The timeframe is the only question and it may be longer than you are able to take advantage.