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Daniel Grusk…, Other/Just Looking in 30317

Is it stupid to buy a great house with an amazing backyard that sits on a busy street with no sidewalk?

Asked by Daniel Gruskin, 30317 Sun Jul 15, 2007

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I'm sure you have heard the 3 most important things about real estate - "LOCATION, LOCATION, LOCATION!" We always advise our clients to think of resale BEFORE buying. This property will be hard to sell and therefore will not appreciate as quickly as a somewhat less perfect house in a great location. Your home is not only a place to live, it is an investment and you must think of it that way. Unless the price is really great, steer away from it and put a super backyard in a house in a great location!
4 votes Thank Flag Link Sun Jul 15, 2007
The effect on your personal enjoyment aside, busy streets can be absolutely brutal to sell. Buying on a busy street can work for the buyer who could not otherwise afford the neighborhood, but expect to give a deep discount when it is your turn to sell. For the Scottsdale/Phoenix market, the general rule of thumb is that a busy street location will cost you approximately 10% of the home's value. That is under normal circumstances, in an average market. In slower times, with an abundance of listings on the market, such a property is lucky to sell at all. You have to consider that the majority of buyers just won't put up with the noise, regardless of the price. That shrinks your future buyer pool to a small percentage, and these buyers are still going to need incentive to buy your house instead of one in a better location. I personally wouldn't buy on a busy street, so I have a hard time recommending that my clients do so.
Web Reference: http://RayandPaul.com
3 votes Thank Flag Link Sun Jul 15, 2007
If the other fundamentals are there, it can be a good property for you. Rarely, if ever, does one find every aspect of a property perfect. You can assign a point value for various amenties that a property might contain, and add up all the points in the properties you are considering. The property on a busy street might come out with a lot of points.....or few.

The busy street will always be a drawback in the eyes of some buyers, and that will be true when you go to sell it, if you take that path. What else does the property offer besides the amazing back yard?

Evaluating and comparing properties by listing their strengths on a piece of paper side by side helps bring things in to focus. Or, using a point value system to see how the property overall measures up to your criteria.

Good Luck
Web Reference: http://PeninsulaFirst.com
3 votes Thank Flag Link Sun Jul 15, 2007
Deborah Madey, Real Estate Pro in Red Bank, NJ
MVP'08
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Daniel,

It's never stupid to buy a house that you love. Just walk into it eyes wide open. Realize that you will probably get a great price on the house and that you'll need to pass that great price on to the buyer someday. You'll also take longer to sell it. If you can stand the time on the market and you realize that it probably isn't going to sell for quite as much as it would otherwise, you need to negotiate the price aggressively, or make certain that the price already is low enough.

Do remember, circumstances change and you might, at some time, need to sell quickly....

Chris Tesch
RE/MAX Bryan-College Station
Web Reference: http://www.ChrisTesch.com
2 votes Thank Flag Link Wed Aug 15, 2007
Again, being a Lexington resident I find that alot of streets either have no sidewalks or just on one side of the street. I also live on a busier street with a great yard and got my house for a great deal. l also find that alot of homes on my street are priced at $700K and over. Lexington is a great town with great school sytems so you may not have a hard time selling when the time comes.
2 votes Thank Flag Link Wed Aug 15, 2007
Daniel,
Everyone gave solid advice based on the preconceptions represented by their individual markets. Real estate is intensely local by nature. Your previous question indicates that you are interested in the Lexington area; since Noemia appears to be the only REALTOR familiar with that area--give her answer the greatest weight. If this is a common condition in that area, it may not effect the value or resale potential adversely. If these points truly are a negative, but you really like the house anyway, go for it! Just be sure you get a fair deal, realize your appreciation rate may not quite match the standard for the neighborhood, and know that when you wish to sell, it will probably take a bit longer than the "average" home in your area. All that said, when you resell, there will likely be a buyer who loves the place for the same reasons you do, it just may taker a little longer to find them! Best of luck!
1 vote Thank Flag Link Thu Aug 16, 2007
It all depends the circumtances. If you are buying on a town where houses are hardly put on for sale or is a desirable surburb close to the city. You should ask yourself many questions before you decide. The seller of the property should know that many buyers will be concern because of the house location and the sidewalk, you might have an advantage to which you could use to negotiate. The only thing that you need to make sure is that you understand that it might take a while for you to sale it back when the time comes and that you might sell for much less than houses are going for. You might be lucky enough to find a person that loves the house as much as you do. Lexington is a great place it might not be as bad!!!
1 vote Thank Flag Link Wed Aug 15, 2007
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