Cary, NC, Real Estate Today
Dec. 2, 2008I hear it all the time, “Never buy the biggest home on the street. You’ll lose money.”
That hardly makes sense. Someone always has the biggest home on the street. Are they all losing money? I don’t think so. The key thing is not to overpay for the biggest home on the street, just like any other home.
“But…it won’t appreciate as fast…” Well, a little less appreciation in return for a property you really like or need is not the same as “losing money.”
I’m not promoting that we all should buy the largest house in a neighborhood. But I see many folks who use that rule of thumb to prevent themselves from buying what they really like.
In Cary or Raleigh, NC, or anywhere in Wake and surrounding counties, a good analysis of the value of a property will tell you the reality of how a particular home may fit your needs.
And, just because it is the largest, and most expensive, home, doesn’t mean it is a bad value. If the price is right, get what you want!
Do the homework, without the rule of thumb influencing you to ignore opportunity.
View more entries tagged with: Cary, Nc, Real Estate, House, Raleigh, Appreciation
That hardly makes sense. Someone always has the biggest home on the street. Are they all losing money? I don’t think so. The key thing is not to overpay for the biggest home on the street, just like any other home.
“But…it won’t appreciate as fast…” Well, a little less appreciation in return for a property you really like or need is not the same as “losing money.”
I’m not promoting that we all should buy the largest house in a neighborhood. But I see many folks who use that rule of thumb to prevent themselves from buying what they really like.
In Cary or Raleigh, NC, or anywhere in Wake and surrounding counties, a good analysis of the value of a property will tell you the reality of how a particular home may fit your needs.
And, just because it is the largest, and most expensive, home, doesn’t mean it is a bad value. If the price is right, get what you want!
Do the homework, without the rule of thumb influencing you to ignore opportunity.
RE: Cary, NC, Real Estate Today
Posted by Mike Montpetit Feb. 14, 2009I see your point, however appraisers call it the principle of regression when someone buys the largest home in the neighborhood. I agree with the people who buy smaller homes in the neighborhood because then they can make improvements and get their money out by still being in the middle of the pack.