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Buy The Right House For The Right Reasons

Years ago people would look for a house to buy that was in a place they wanted to live for a long period of time.

They were looking in a specific location that had amenities the home buyer wanted like great schools, cute houses, restaurants and shopping close by and lots of other things that made a home and the neighborhood desirable.

Its that old real estate termyou know the onelocation, location, location.

Its the one aspect of real estate that has been most ignored in the house flipping craze.

Picking up a cheap foreclosure in a bad neighborhood is VERY different from buying a house in a great neighborhood that needs work.

Buying in the wrong neighborhood can be a problem. It can be a problem from a personal happiness standpoint as well as a real estate investment standpoint. If you are living in the wrong spot for your lifestyle, work location and loved ones it matters. And it will matter too, to people who might buy your propertyor not.

The great neighborhoods hold their value even in bad real estate markets.

Other neighborhoods, especially in outlying suburbs around cities will do much less well than close in, established neighborhoods with great schools and short commutes. And in a time when gasoline prices are not expected to go down, outlying suburbs will be a tougher sell in the coming years.

Many homeowners who look to the far-flung suburbs for newer homes are struggling when they try to resale. Maybe they lose a job or just get transferred, but resale takes way too long. And sometimes resale never happens and another home goes into foreclosure. Its happened all too often recently, depressing the economy and bringing a new reality to us all.

But close in neighborhoods in many cities do a lot better.

As an example we know a couple which purchased a 1940s vintage home near Piedmont Park in Atlanta shortly after finishing college in the early 1970s. Its close to downtown and shopping and is a desirable place to live now that they are considering retirement. They will find a pool of eager buyers if they decide to sell.

A younger couple we know bought a 1920s vintage Queen Anne style house in the same area recently. Even though the house was not in perfect condition they were able to resale quickly when they were transferred to Europe.

The neighborhood has good resale now and it had good resale 40 years ago.

So get it right when you buy. Buy in the right kind of neighborhood. It may require a larger financial investment, more remodeling and more careful and knowledgeable shopping. But the extra work could serve you better than buying the wrong kind of property in this less certain real estate market.

Article Source: http://www.articlesnatch.com

About the Author:
Paula and her husband have a note buying business. Their company buys private mortgage notes, both residential and commercial. Learn more about note buying and selling at their websites, Sell An Owner Financed Note and Mortgage Note Buyer

Tags: home buying

, home buying tips

, how to buy a home

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