In Denver’s competitive marketplace, you may not have the luxury of pondering whether to choose the house you fall in love with in a less-than-ideal neighborhood, or the less-than-ideal house in a neighborhood you love. That said, choosing between two such options is a common dilemma among house hunters, and it is worth considering what you might do, if presented with this situation.
A few factors to consider regarding location:
A popular location will hold up the value of homes in the neighborhood, staying stronger if the market takes a downward turn, and likely providing higher than average returns when the market rises.
In a sluggish marketplace, a house in a sought after neighborhood will sell in less time.
When thinking long term, it is not just the size and layout of the house, but amenities nearby that matter. If you have young children or a growing family, no matter how many bedrooms or the size of the yard, you’ll want to be in a good school district.
Thoughts on prioritizing the house:
When a Realtor says, “Location, location, location,” it’s because he or she knows you can update a house, but you can’t do much to fix a less than stellar neighborhood.
If you do settle for less house in the neighborhood you really want (think smaller yard, fewer bedrooms, or less square footage), you will be able to maximize the benefits of living near mass transit or your favorite grocery store, or being within walking distance of a great local park.
On the flip side, you will pay a premium for a stellar location — even if the house isn’t the best the neighborhood has to offer.
Are you wondering whether to max out your next house, or invest in a neighborhood that will pay dividends when it’s time to move on? I’ve been helping home Buyers & Sellers find the right home, in the right neighborhood, for 28 years, and I know Denver Metro.
Give me a call or drop me a line — I’d love to help you explore the possibilities for you in Denver Real Estate.