Top Reasons Why You Never Buy the Best House in the Neighbourhood

Owning the best house in the neighborhood might definitely make you feel great. But buying the best house in the neighborhood should not be your preference because of the following reasons –

  1. The best house in the neighborhood would also be the most expensive house if you compare house prices of similar-sized ones nearby.
  2. The best house would be the maximum price of houses in the area and this would also mean that the appreciation of the house’ value would be relatively slower than the other houses.
  3. If you buy the most expensive house in the neighborhood and the area doesn’t seem to progress in the real estate sphere as predicted, it would be of no use.
  4. The price of the house would be the highest in the locality and this would mean that the resale price would be high as well. So the best house would be the toughest one to sell when you plan to resell it.
  5. Sometimes the overpriced house might be above the market average which further results in paying too much more than the worth. You would be paying more than what your neighbors had paid.
  6. Sometimes the best house might be priced based on various factors that are not really useful for you. You could buy a relatively less expensive house instead and use the money saved to make the changes you desire.
  7. Even if you had spent the highest price for a house in the locality you have no assurance that the appreciation levels are protected during market shifts.
  8. The best house in the neighborhood would be the worst choice for an investment. You might end up getting very little profits based on the difference between the reselling price and buying price.
  9. Maintenance costs to ensure that the house still remains the best house in the area would also be high.
  10. If the best house turns out to be the largest house, the pool of buyers looking for an oversized house would be relatively smaller.