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Easy. Bad House- Nice Neighborhood. You can always make the bad house, 'nice' or demolish and start again (as the land values in a nice neighborhood will most likely be higher than that of a bad neighborhood).
With a Nice House in a Bad Neighborhood, it won't take long before that house isn't so nice anymore- it will decay like the rest of the area eventually.
Neighborhoods do change.
Gentrification is not a myth.
Urban pioneers tend to buy better houses in crappy neighborhoods.
Normally I'd agree with that, however the last market cycle seriously depressed certain neighborhoods that might have improved were it not for a huge concentration of bad loans.
Not that it's going to stop gentrification altogether, but within certain communities it created a strong headwind against it.
Now is probably a good time to focus on areas that are still/already showing signs of gentrification despite the bubble. Neighborhoods that haven't turned up may have serious problems holding them back for years to come.
So, of course, these terms are all relative, but what do you think? Two houses the same price, one is really nice but in a bad neighborhood (high crime) and one is old and needs a lot of work but is in a really nice neighborhood.
Really?? You would consider living in a high crime neighborhood? Since your mother doesn't have a problem with her daughter living there (bummer!) would she live there on her own??
I seriously can't believe this question is being asked again!
Last edited by geebabe; 04-04-2013 at 09:33 AM..
Reason: typo
Neighborhoods do change.
Gentrification is not a myth.
Urban pioneers tend to buy better houses in crappy neighborhoods.
That might work in really urban areas. From my experience buying my first house, never again in a bad neighborood. Not only do I hate living here, but the neighbors aren't exactly the friendliest.
Well, by your name, you're likely a female. And your mom wants you to live in a bad neighborhood?
Well, it's like she doesn't even notice the neighborhood. She did the same thing when they bought their house. She found a house she liked and didn't do any research on the neighborhood and ended up in an undesirable area.
Well, it's like she doesn't even notice the neighborhood. She did the same thing when they bought their house. She found a house she liked and didn't do any research on the neighborhood and ended up in an undesirable area.
Time to leave your mom's opinion completely out of the purchase decision. My parents were a little puzzled by my decision to buy a 65 year old house vs a less expensive new house in the suburbs. I valued being in an established and stable neighborhood over rolling the dice on a new one.
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