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Buy The Most Expensive House In The Neighborhood?

When looking at homes, one is tempted to buyto be dragged down by the structures around
the best home in a neighborhood. Should youit. If you take a $900,000 home from a
buy the most expensive home on the block?private community and put it on a block of
No. Think Long-TermAssume you fall in love$250,000 track homes, the $900,000 value is
with the masterpiece home in a particulargoing to come down a lot because the
neighborhood. It has everything you couldneighborhood will not support it. When you
dream of: black bottom pool, marble, aneventually sell, buyers are going to look at
incredible kitchen, top of the line windows,the comps in the neighborhood and laugh at a
stunning brick work and so on. The sellers$900,000 asking price. The second problem is
obviously put a lot of time, effort and money"hemming." Since you own the most expensive
into the home. Accordingly, it stands out ashouse in the neighborhood, your appreciation
the pearl on the block. Why wouldn't you wantpotential is already limited. This becomes a
to snap it up immediately?Before you startbigger problem if you want to remodel or add
signing documents, take a look at the saleson  to  the  home.
prices of comparable homes, "comps", in the
neighborhood.Taking such action would typically add to the
value of a home. With the most expensive
If you compare the comp prices to the dreamhome, not only will it not add value, it may
home, you should notice a pretty significantcut into your equity. Why? If you do a
price difference. This difference should act$50,000 remodel, you may see a $10,000 gain
as a metaphorical slap in the face or pouringfor your $50,000 cost. You just lost $40,000.
of cold water over your head. The dream homeDream or NightmareUnless you can accurately
is undoubtedly selling for a price range farpredict an increase in valuations for an
beyond the comps. Warning lights should beentire neighborhood, you shouldn't buy the
going off at this point. You are going tomost  expensive  home  on  the  block.
have a problem if you give into temptation
and purchase the most expensive home on theIf you do, the dream home could quickly turn
block. In fact, you are going to have twointo a nightmare. Raynor James is with
problems.FSBOAmerica.org - a FSBO homes for sale by
owner site. Visit our "Sell My Home" page to
The first problem is the appreciation of thelist your FSBO Home or visit our home buying
value of the home. The appreciation on thepage to see homes for sale.
best home in a neighborhood is always going



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