Jmcappy, Home Buyer in Beachwood, OH

My sister and I just inherited a house in Beachwood, OH. I own a home in Lyndhurst, OH. I am wondering if I should sell my house & buy out my

Asked by Jmcappy, Beachwood, OH Mon Dec 31, 2012

sister. We are considering buying my parents house because of the financial benefits but need to know how good of an investment is a home in Beachwood vs. one in Lyndhurst. What is the projection of home values in each of the cities mentioned over the next 5/10/15 years?

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Judy Clark’s answer
Your personal residence is more than just an investment, it is your home. If I were to assume that both homes equally met your needs regarding size, layout, storage, deferred maintenance, if any, parcel size, mechanicals etc, then we could talk apples for apples. In that instance, I would probably have to mention Beachwood's strong tax base, community amenities, and highly rated school system. No one has a crystal ball. People can prepare elaborate ptojections, but all they are are projections. Lastly, please don't dismiss the potential emotional impact of moving into your parents' home. If you feel warm and fuzzy about it, great. Otherwise, maybe best to sell.
1 vote Thank Flag Link Mon Dec 31, 2012
With home values dependent mostly on local economy and thenj the specific house and location within the town, and that in turn dependent on state and national ecnomy, 2 houses value changes in Ohio would be more alike than different. It is impossible to predict future values. From 1999 to 2009, 10 years, existing home values went up about 35% in Beachwood it appears. But an individual house that is 5-10-15 years older is different than the average for all houses in a town over time. A good realtor should be able to help though. But for most of us, it is always, why would I do that? Most of us hope to make a friend and get some business in the future. Let us know how you make out.
0 votes Thank Flag Link Tue Jan 1, 2013
Great answer Judi! I would add that consulting with a Realtor to find out the estimated value of both homes might be useful as well, especially if there is any debt on either home....Most agents offer that as a free service. It's called a CMA, competitive market analysis--sort of a mini-appraisal.
0 votes Thank Flag Link Tue Jan 1, 2013
We would be happy to discuss your options with you.
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0 votes Thank Flag Link Tue Jan 1, 2013
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