Home Buying in 11040>Question Details

Home10, Home Buyer in 11040

I am planning to buy a cape which is located close to railroad and doesn't have a basement. Is it easy to sell such a home(property?

Asked by Home10, 11040 Sat Jul 31, 2010

appreciation)?

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Ralph Windschuh’s answer
Location is always a concern when purchasing real estate and you're thinking about resale value. Basements also increase the value of a property. However, if you're purchasing the home at the correct price, in a few years you should also be able to price it properly so it will sell.

Ralph Windschuh
Associate Broker
Certified Buyer Representative
Senior Real Estate Specialist
Century 21 Princeton Properties
631-467-0009
rwindschuh@c21princetonproperties.com
Top 2% of Century 21 Agents Nationwide
0 votes Thank Flag Link Sun Aug 1, 2010
Good Evening,

A home that is priced right for the current market will sell. Depending on the positives and negatives of each individual home it may sell for more or less than others in the neighborhood - but it will sell if it is priced right!

As stated below - being close to a railroad can be either a positive or negative, depending on exactly how close it is. Also, while having a basement would normally be more desireable, there are plenty of homes on Long Island that do not have basements.

As for style of home - buyers have different requirements - some prefer colonials, some prefer ranches, some prefer split levels - and some prefer capes!

Ultimately - it comes down to whether you are purchasing this home to live in and enjoy or for investment purposes. If you are planning to hold the home for 2 years and then re-sell it in this current real estate market, you might do better to purchase a home in a more preferable location for resale. If, on the other hand you are planning to live in the home and enjoy it, and this home is within your budget, then you might consider it's purchase, knowing that you will most likely purchase it for less than a similar home that is a bit further from the railroad and has a basement and when the time is right you will sell it for less as well .

If you would like to discuss this further or have any other questions, please contact me by phone at (516)410-3594 or email at Arlynn@ArlynnPalmer.com.


Regards,
Arlynn

Arlynn B. Palmer, ESQ, SRES, CBR, CMS, CNS
Associate Broker, REALTOR
Coldwell Banker Claire Sobel
(516)410-3594
(516)621-6300 x 205
Arlynn@ArlynnPalmer.com
Web Reference: http://www.ArlynnPalmer.com
0 votes Thank Flag Link Sat Jul 31, 2010
Much will depend on exactly how close to the railroad, the size of the property/living space without the basement--keep in mind that if buying the property for less for these reasons, you can propbably expect to sell for less down the road--
0 votes Thank Flag Link Sat Jul 31, 2010
Easy to sell such a home as compared to what?

How close to the railroad is it? And is that a positive or negative. If the house backs up to freight tracks, that's a negative. If it's 2 blocks from a commuter line, that's a positive.

As far as a cape, it depends in part on surrounding homes. If there are a bunch of other capes, that's good. If yours is the only cape within 15 blocks, that's not so good.

Similar situation with a basement. All things being equal, a basement would be desirable. However, I hope that you're paying less because it doesn't have a basement. And: Do other nearby homes have basements? If they generally do, that's a negative. If basements are relatively rare and yours is more the norm, that's a positive.

Finally, it's relatively easy to sell a home if it's priced low enough. On the other hand, if it's overpriced, then--no--it won't be easy. And that's probably the biggest factor in the equation.

Hope that helps.
0 votes Thank Flag Link Sat Jul 31, 2010
Don Tepper, Real Estate Pro in Fairfax, VA
MVP'08
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