When homebuyers start their property search, one of the top concerns is the condition of the property they are touring, especially if they are first-timers with little or no home improvement or remodeling experience. As the prospect of a mortgage and other bills to pay can seem overwhelming to some, obviously homebuyers want to be sure they can reduce their costs of maintenance to a minimum and look for updated or fully remodeled properties if their budget allows. But is this really a smart move?Remember the old adage that goes: "buy the worst house in the best neighborhood"? Well, in my opinion this is definitely something to consider and here I'll tell you why.THE NEIGHBORHOODWhen you finally find that perfect house that needs nothing but new owners to move into, take a look at the conditions of the homes on the street as well as the adjacent streets. Neighborhoods in Boston (perhaps with the exception of Boston's Bay Village) are rather large, so I am not talking about checking out the entire neighborhood, which you obviously should get to know well before you purchase, but at least the micro-area where the subject property is located. Drive around and take a look at the exterior features of other homes in the area. Do they show obsolescence? Do you notice chipping paint on the siding, older roofs, messy front yards and poor curb appeal? If so, you might be buying the best house in the neighborhood and likely the most expensive one.You cannot forget that a home is not just a residence, but also an investment and possibly the most important asset you will ever buy. Purchasing a home should get you involved on an emotional level but in the process you should refrain from rushing into something or involving feelings to an extent that will blind you from making the correct and educated decisions investment-wise.THE PROSPECT OF SELLINGWhile you are property hunting, it's easy enough to forget that the home you seek to purchase today will be the same asset that one day you will want to sell. Just think about it. The economy fluctuates, people lose jobs or get relocated, and families grow to the point that your home may no longer be suitable for your ever-changing needs. So that day may come when you may need to sell, but if the properties around you failed to catch up in curb appeal or interior renovations over time, then you might be finding yourself trying to sell the best property on the street and the result may not be pretty.Unless gentrification is part of the equation and prospective buyers will count on it, rest assured that a nice portion of buyers looking at your property will disregard it or lowball you. You may just ask yourself, why would anyone with the financial ability to purchase your home not buy in a more desirable location to begin with?
