I found a house I like and fits all my criteria, but the house next door and the house across the street are

Asked by Daedalus, Philadelphia, PA Sun Feb 3, 2008

in bad shape (the rest of the block is nice). How much weight should I give those other houses when making my decision?

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Maria Hughes,…, Other Pro, Bellefonte, PA
Sun Feb 3, 2008
BEST ANSWER
When looking for a house you not only look at the house but you need to also look at the neighborhood. In fact, in most cases I would put more weight on the neighborhood. When buyers are ready to start looking, they tend to think in terms of neighborhoods. I have buyers who already know what area they want to live in. I would look into what's going on with those houses and ask your realtor if this is typical of this neighborhood. This house you like may be the best in the neighborhood, if that's the case I would keep looking. Another house will come along. IF THIS IS THE HOUSE YOU WANT, then go for it but just as the realtor in Tucson said you will need to ask yourself, "can I deal with looking at those eyesores ?", not to mention what happens if I have to re-sell this house unexpectantly. If you as a buyer right now have a problem with these house, then chances are so will other buyers.

Good luck and I hope my answer helped.
1 vote
Chris & Step…, Agent, Philadelphia, PA
Sun Feb 3, 2008
I think it depends on the area and the neigborhood. My wife and I live in Northern Liberties, one of the hottest areas of Philadelphia, and there is some knocked-out new construction and rehabs right next to a shell. It is common and the few shells that are remaining at some point will be developed. In that case, no big deal. However, outside of your block if there are a number of distressed properties in an area where not much development or improvement was going on, that would concern me. If it is just a distressed property here or there in a rapidly improving area, then it would not bother me and I would look at that as opportunity since as the area continues to get better, so would the value of your property !!!! Good luck. Also visit our website for some more helpful hints. Link is below.
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1 vote
Michael Krot…, Agent,
Sun Feb 3, 2008
Hi Daedalus,

Curb appeal is a very important part of buying a home, not only your home's curb appeal, but that of the entire neighborhood.

I think you should try to find out what the situation is with those homes. Are they bank-owned? Do the owners live out-of-state? Your Realtor should be able to find out these details for you fairly easily.

Just remember, those kinds of problems aren't typically resolved overnight so if you do go ahead with the purchase you need to ask yourself, "Can I deal with looking at those eyesores today?"
1 vote
Evelyn, , Springfield, PA
Mon Apr 21, 2008
Your answer depends on two things: the location of the neighborhood and whether this property is a short term investment or a home you plan to live in yourself for a few years. If the neighborhood is up and coming and you plan on remodeling and selling quickly, then other investors may not mind the other homes. On the other hand, if this is a residential home for yourself or for a future buyer, the other homes may affect the resale value of the home. The new buyer would have the same questions and doubts as you do. In any case, you, as a potential buyer, should carefully evaluate any neighborhood where you plan to make a purchase. An agent can help you with this process. Please visit my website for more information.
Web Reference:  http://www.evelync21.com
0 votes
Barbara Berue, Agent, Media, PA
Mon Apr 21, 2008
What area is this property in?
0 votes
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