Thoughts on this house we are considering putting an offer on+++

Zaney327

DH and I have been looking for 2 months for a house in the 300-350K price range and have been having no luck. (Most of the houses are nice buy VERY outdated and we dont want to live in a construction zone and dump alot into cosmetic repairs initially).

We went this morning to look at a house and we absolutely love it. Great neighborhood, excellent location and we also are friends with some of the other families in the neighborhood. Its the first day on the market and our realtor told us it will go quick, they have showings scheduled all day. It's priced a little above average per square feet compared to the other houses sold in the neighborhood. But its all updated with new hardwood, granite, ceramic floor, new roof, newer kitchen appliances, fresh paint, updated master bath etc.

The hard part is its one of the bigger homes in the neighborhood so its about 25K more that many of the homes that have sold in the past 2 years. The last 2 homes in the neighborhood sold within 1 week and at full listing price. They sold for 320K, and 315K. The one we are considering is 344K (but again its larger and updated cosmetically) The homes were built in the 80's. We plan on staying in the house 15-20 years.

It is a bad thing for resell (if for some un forseen reason we have to sell) to have one of the biggest higher priced homes in the neighborhood?

forcuatro

I suppose that Ideally you wouldn't want to be the biggest house in the neighborhood but if you love it and are planning to stay there for that long I don't think it matters.  If you wanted to move in a few years I might question it because it may be harder to sell but 20 years is a different story.

doglove

I'd be most concerned that it may not appraise for what they are asking for, but if you are buying the biggest and the best in the neighborhood than you may have trouble reselling it down the road as well. Is this a home you are dead set on? Does it meet your needs? Realistically, when would you sell and how long do you want to live there?

 We bought a pricey house in our neighborhood, but it had recently been updated and the kitchen redone. We knew this was the house we were going to be in for the next 10-15 years and the mortgage payment was doable for us. I would consider the payment, how long you plan on living there and location. If houses go like hotcakes in this place than you may not have a huge problem on your hands. If the neighborhood goes downhill fast, you may. Is this an established neighborhood?

davisislands

I wouldn't worry about being the biggest on the block right now. If the houses are mostly old and outdated there is a good chance that in the next 10-20 years (the length of time you say you will stay there) there will be other houses on the block that will have been re-done and additions added so yours will no longer be the only one. I would put in the offer asap if the houses go quickly. Your neighborhood seems similar to ours and most people put in the offers withing the first 3 days on the market and usually end up in a bidding war and going under contract within a week.