When you’re house hunting, finding the best and up-to-date home in your location might seem like a huge score, but is it? Before making an offer on that picture-perfect home, take a look at the surrounding houses. If they’re all obviously less than the one you’re considering—you might be buying the most expensive house in the neighborhood.
Maybe that seems great because you’ll get bragging rights but more than likely, it’s going to hurt you. One day you will need to sell it. When you are buying a home, you forget that someday you might have to sell (job transfer, loss of job or need something smaller/bigger) and when this time swings around, unloading the priciest home on the block will be a challenge. A home is an investment and you can add to your home during your ownership with building equity. Let’s not hope for your home to just hold its value. Might want to debate changing the interior/exterior of your house versus changing your location. Change does not mean a full renovation but small things that can make a huge difference like, refreshing the paint on walls or cabinets, replacing outdated light fixtures, door handles and kitchen/bath plumbing fixtures.
First and foremost should be location, location, location! Leave room for improvement. If buyers have a choice between the best house in a not so desirable location OR a home in a great location that needs updates, the best choice would be the latter, as we will reiterate—it’s location, location, location!