How Buying the Best House in the Neighborhood Can Hurt Rockland Home Buyers
Rockland home buyers do start out looking for a “bad house.” Instead, most Rockland home buyers are looking for a house they can move into quickly and does not require a number of weekend projects.
On the flip side, a Rockland home that stands out above the rest of the neighborhood can be tempting for Rockland home buyers. But buying the best house on the street is not always the best investment.
When looking at houses, Rockland home buyers will want to think behind just the initial purchase.
Always Keep Resale Value in Mind
At some point, Rockland home buyers are going to become Rockland home sellers. But when you bought a Rockland house that is worth more than any other house in the neighborhood you could find it hard to sell.
When you buy a Rockland home that is already at the top of the price range, there is also no way to increase the value without also making the house completely out of the range for the neighborhood. There are few people who want to be surrounded by Rockland houses that have half the value of their own Rockland house, especially if the neighborhood has other issues.
While not always easy to forecast, Rockland home buyers will want to keep the future in mind. The more renovations or improvements done on a house that is already the best in the neighborhood will be overkill.
Look for Rockland Homes You Can Improve
While not necessarily DIY-free, finding a Rockland house that may not be perfect but is in a good neighborhood, with similarly valued houses, is going to leave more room for value. In most situations, this type of house is going to increase in value at a reasonable level over time. This can allow the Rockland home buyers the ability to sell for more than they bought the house for.
Some real estate pros encourage Rockland home buyers to pursue the curb-appeal-less houses in a great neighborhood. These houses are typically overlooked by most Rockland home buyers because they want a move in ready home now.
But Rockland home buyers who are willing to put the work in, can find a house that will increase in value. Plus, it allows someone to move into a neighborhood even though they cannot afford a completely renovated house.
Time Will Tell
We have all heard of the buyers who purchased a great house in a terrible neighborhood where eventually the rest of the houses were renovated. While this turned out to be a good investment, these fairytale endings do not always turn out this way not always.
In reality, it is much more common for the house to remain the best house in the neighborhood as the other homes stay the same. The Rockland housing market does fluctuate, but it is likely that the investment will not pay off as much as the buyer would like. In the end, it could end up costing Rockland home buyers more money when trying to resell the property
While the best house on the block will always be tempting for Rockland home buyers, you must think long term. A Rockland house in poor condition can always be renovated and repaired, but a neighborhood cannot be easily changed. For this reason, it is important for Rockland home buyers to choose a house in a neighborhood that will make them happy while also provide the opportunity to sell the house later.