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Pros and cons of buying a relatively expensive home

On Behalf of | Dec 10, 2019 | Residential Real Estate |

People in California who are in the market to purchase real estate might fall in love with a home that puts the others in the neighborhood to shame. The highest-priced home on the block, though, is sometimes the worst with regard to future value and potential gains. There are pros and cons to buying the most expensive house in the area; homebuyers would do well to consider both before making a purchase decision.

One advantage of buying one of the more expensive houses in a neighborhood is that it is less likely to require significant improvements. The buyer will probably not have to deal with in-home construction projects soon after moving in. Another advantage is that the resale value of the place is likely to be higher. Finally, there is less pressure to try to keep up with the neighbors when a person buys the highest-priced home on the block. If the house is already one of the nicest, the neighbors’ properties are less likely to be a source of envy.

On the other hand, the most expensive house on the block is likely to be more difficult to resell when the time comes. Even those who buy property believing they’ll hold it forever often decide to sell it later. Additionally, making improvements on a home that is already at the top of the area price range may not add new value, so it can be hard to get the money back on a sale later.

An attorney may be able to help people who are considering buying residential property in California. An attorney who has experience handling real estate transactions may help by examining the purchase and sale documents or by conducting a title search to ensure that the buyer can rely on the sale. He or she might also help negotiate the terms of purchase or draft necessary legal documents to effect the transfer.