me and boyfriend are thinking of buying our first house, its a nice house but i have a few concerns. Its in the downtown area in a nice neighborhood for the most part BUT its also a couple blocks away from a bad area with alot of crime. Also in that particular area, the city has a plans to redo it and make it nice, but that could be 5 years or so. Anyways what do you think? Buy it or pass?
2006-12-14 03:22:21 · 6 answers · asked by Flgrl2 2 in Business & Finance ➔ Renting & Real Estate
If the city has plans in place to improve the neighborhood, and you can buy at a low price today because that hasn't happened yet, you could end up making very good money on your home by buying it now, and letting the city increase your value through the improvements to the neighborhood.
But, cities have been known to get delayed, lose their funding, change their minds, etc...
I'd do what I could to find out what the real plans are, if funding has been lined up yet for these improvements, and whether there's a real schedule in place already. If it's all still talk, you might find that 10 years from now nothing has changed.
If their plans happen though, you could ride their improvements all the way to the bank.
2006-12-14 03:29:56 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Most cities are the same. There will be great blocks to live on, then a few blocks away you will find higher crime. That is not uncommon.
If it is on a nice block, you like the house, and you plan on living there for a few years, go for it! If the city has plans to clean up the bad neighborhood, they most likely will. This will increase the value of your house even more. Plus, this is a great market to buy in. Totally a buyer's market, pretty much across the nation. Property values have declined a small amount. This means you can purchase a home at a lower price right now. In a few years, the market is sure to stabilize. That coupled with inflation, you will almost definitely see a profit on your investment.
2006-12-14 03:34:40 · answer #2 · answered by firedncer80 2 · 0⤊ 0⤋
I guess it depends how bad that bad area really is. But if it's just undesirable, and fairly safe, and the house is selling below value, it sounds like a good buy.
And if the city plans on sprucing things up around there, and you plan on holding onto the home for the next 5-10 years, it could be a very good opportunity. Just make sure you have a good idea as to what you're going to do with the home in the next decade.
While looking for a home, you should also be working on your credit profile to make sure there aren't any last minute surprises.
Learn about mortgage and credit:
http://www.thetruthaboutmortgage.com
2006-12-14 05:11:02 · answer #3 · answered by Anonymous · 0⤊ 0⤋
go for it. If the city has plans for Urban renewal, you could be able to turn it at a great profit. Make sure you are not paying for the future plans right now though.
2006-12-14 04:19:06 · answer #4 · answered by Stephen 3 · 0⤊ 0⤋
Buy it or pass?
Buy a house with your husband when you've found the right neighborhood.
2006-12-14 03:29:28 · answer #5 · answered by teran_realtor 7 · 0⤊ 1⤋
Buying your first house is a big step, if you would be happy and comfortable there, go for it, if not keep looking you will find somthing else
2006-12-14 04:24:13 · answer #6 · answered by paula_5150 3 · 0⤊ 0⤋