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Hello-
I found an amazing house that I LOVE at a very good price in an up-and-coming small town on the outskirts of a large city. In the TOWN there are many very nice developments/expensive houses and more being built all the time. The house in questions is on 2 acres on a cul de sac with about five other houses that are OK but nothing spectacular. Except for the house directly across the street which looks like it belongs to a junk hoarder. There are various appliances in the front yard etc. It is a country area, and the across the street bad house is set back a bit from the street so the junk is not "in your face" so to speak.
But the house I like definitely seems out of place on this street. But ... it's gorgeous. It's also been on the market for 140+ days. Thoughts? Ideally we would live there for several years but if we had to move for some reason I don't want to get stuck with something we can't unload. (Been there done that)
I thought the same thing ... And I thought it would be interesting to meet the problem neighbor and see how old/healthy he/she is. And whether there are any relatives waiting to take over the family junk business. I knew there had to be a reason this house was too good to be true but trying to be open=minded!
What stand out to me is the words "up-and-coming." SOmetimes things do just that and other times they do the opposite way. To me its a gamble. Have you gone around and talked to the neighbors? You could flat out ask if they would share their plans with you...
The other thing that stands out to me is the land...you can't make land so having the 2 acres sounds appealing.
What does your agent say?
Hello-
I found an amazing house that I LOVE at a very good price in an up-and-coming small town on the outskirts of a large city. In the TOWN there are many very nice developments/expensive houses and more being built all the time. The house in questions is on 2 acres on a cul de sac with about five other houses that are OK but nothing spectacular. Except for the house directly across the street which looks like it belongs to a junk hoarder. There are various appliances in the front yard etc. It is a country area, and the across the street bad house is set back a bit from the street so the junk is not "in your face" so to speak.
But the house I like definitely seems out of place on this street. But ... it's gorgeous. It's also been on the market for 140+ days. Thoughts? Ideally we would live there for several years but if we had to move for some reason I don't want to get stuck with something we can't unload. (Been there done that)
Thanks for any input!
It is never a good idea to have the biggest most expensive home on the block - never. You need to plan to live there forever, or don't take the risk. If you do plan to live there forever and really love it - go ahead. Though when you die and your heirs have to find a buyer, they'll likely be cursing your name, lol!!
Honestly, this property sounds like it has too many obstacles to overcome to make it a safe bet at all. Personally, I'd pass.
Real estate is always about location. I wouldn't ever compromise on location just for a house. The inside of a house can always be fixed, repaired or updated.
I wouldn't want to live next to a junk hoarder and I think that would be a big negative on resale and even for you! You already are worried about it.
It is never a good idea to have the biggest most expensive home on the block - never. You need to plan to live there forever, or don't take the risk. If you do plan to live there forever and really love it - go ahead. Though when you die and your heirs have to find a buyer, they'll likely be cursing your name, lol!!
Honestly, this property sounds like it has too many obstacles to overcome to make it a safe bet at all. Personally, I'd pass.
I showed 2 homes today that were in the $440k price range in neighborhoods that should be in the $380k price range. Both homes were the largest, had way over improved and it will be difficult to sell these homes.
Even if they get a contract, an appraiser will have a difficult time showing value and the lender will kill the deal.
Hello-
I found an amazing house that I LOVE at a very good price. The house is on 2 acres on a cul de sac with about five other houses that are OK but nothing spectacular.
Except for the house directly across the street which looks like it belongs to a junk hoarder.
But the house I like definitely seems out of place on this street. But ... it's gorgeous. It's also been on the market for 140+ days. Thoughts? Thanks for any input!
IG - Just to justify myself, I'm a State Certified Appraiser, 20+ year Realtor, Real Estate Investor etc etc ad nauseum. But, after all is said and done - here's how you can value a house.
'Guesstimate' the value of the homes on either side of the subject and the three across the street.
Add them up and divide by five. That gives a (sort of) 'average' price.
Then divide each value by the GLA (Gross Living Area from the County Appraisers Property Card (if you have real sale prices for any of them, so much the better)
That gives you a range of values based on $ per square foot.
Multiply those values by the GLA of the house you're looking at.
Bingo! You have a high & low value range.
If the range is a low of $100/sqft and a high of $185/sqft - you'll know where you need to be.
Bottom line - if you buy it right, a resale is probable, pay too much and you're locked in, maybe for a looooong time. . . .
Hope this helps.
Simple rule: buy the funky, run down house in the best neighborhood/block that you can afford so long as it does not need major structural repairs or new roof.
Fix it up as time and money allow. Start with major landscaping such as trees, shrubs, vines since those will take a while to grow in, where as paint, carpet etc can be done in a short time frame.
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House values . . .
