May 29th, 2009
Don’t Buy the Most Expensive Home in a Richmond Neighborhood!
It’s much better to own a modest home in an expensive Richmond neighborhood than the most expensive one in a modest Richmond neighborhood.
I’m sure most of you have heard this saying (or something similar like “never buy the most expensive home in your neighborhood”) at least a few times. It’s a good rule-of-thumb. If you own the most expensive home in an area you are limiting the market for its resale. Why is that? Because people that buy more expensive homes generally want to live in more expensive neighborhoods, not one that’s a step or two down from the home they’re buying.
It’s a good strategy to buy in the middle of a neighborhood’s price range. Find a home in a Richmond area neighborhood where there are several much bigger, more expensive homes and several smaller, less expensive homes. Ideally most homes should be comparable to the home you are considering in both size and value.
It’s a definite positive when there are nicer homes close to your home of choice. If you can find a home to buy where homes close by have a value of at least $50-100k more you are making a sound financial home purchase.
What about you? What neighborhood are you considering and how much are you looking to spend? Want to know if it’s a sound purchase? Consult a REALTOR like Skye Bruce Properties, The Official REALTOR and Buyer’s Agents of RichmondHomeShopper.com. Make sure your Richmond area home purchase if a good investment by contacting Skye Bruce Properties today!
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