Larger, Nicer house in Pimmit vs Smaller and Needing Work in McLean?
We have seen 2 houses at the same price ($600K) one in the Pimmit area and one in the McLean area not too far.
The one on pimmit has been completely remodeled and would not require any work. It also has 5BR, a 2 car garage and a larger lot.
The one in McLean has 4BR, no garage and will need at least $50K of remodeling.
We like the one in Pimmit but we are concerned about the resale value (it seems overpriced - we don't see many $600K houses selling in the Pimmit area).
My gut feeling is that the smaller house in McLean with renovations will appreciate more and we'll recoup the cost of remodeling.
Hi Marc,
You never want to own one of the more expensive homes in a neighborhood if you're thinking about future appreciation and resale. I know Pimmit Hills quite well, and 600k tells me your paying a premium for what is probably a house in good condition, but are the houses around it worth that kind of money. Unlikely.
McLean is a safer bet, and so is Vienna. I think you should open your search up, and see if you can find a home that doesn't require a 50k infusion to put it into the shape you want.
Good luck, and find a good agent if you don't have one yet.
Regards,
Andy Krumholz, GRI, CDPE
Keller Williams Realty
Top 5% of Realtors Nationwide
(703) 599-4755
ajkrumholz@yahoo.com
First off I agree with with my colleagues! Secondly,
as is often the case..You have already answered your own question! You are concerned about resale value and it seems overpriced! Go with your gut unless your agent advises you convincingly otherwise. As for the remodel...get an estimate either prior to..or during the home inspection process. This way you will be well informed. Should you need assistance in either category..feel free to contact me.
Erik J. Weisskopf, ABR,CRS,GRI
Erik@AskMeAboutHomes.com
Both the properties has very distinct advantages.
U need to sit down with ur(or an) agent to really analyze the differences.
If u do like me to help u with that, please call me at 703 635 8209
My office is in Tyson's corner.
Rgds,
Ramesh Chandra
Saab Realtors
703 635 8209
mepcigroup@gmail.com
Marc...I would agree...Mclean has an enormous potential for resale value...granted I have not seen the houses, however, Mclean is generally ranked one of the top cities in Virginia...ask your agent which house she would prefer to sell in 10 years...that is always a great way to gauge resale value...you should also consider re-sale indicators such as school districts, average home price, etc...
Good luck, and if you need help please feel free to give me a call...I am familiar with both areas...
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