People often make the mistake of looking at the house they are considering buying and forget to take a long hard look at the entire neighborhood.
Whether you are looking at flipping the property for a profit, or holding the property as a rental, the surrounding properties definitely have an effect on your profit. The better the neighborhood, the more buyers will want to live there.
As you probably have heard before, the Golden Rule in Buying Real Estate is "Location, Location and Location." There is another old saying when it comes to buying real estate that is just as important. “You can change your property, but you can’t change your neighbor’s property.” No matter how much you improve your property, if your neighbors neglect of their property it is noticeable to buyers or renters looking at yours.
When you are looking at any property, be sure to take notice to everything in view. It's a good idea to make a few trips at different times and days, if you are not familiar with the neighborhood.
Some of the telltale signs of neglect start with the exterior, is the grass uncut and shrubbery overgrown? Are there a lot of loud dogs barking and jumping at the fence? It's good to check for parked cars with no license plates for example. Check out the junk too, is there junk or debris in the yard or on outside space, like porches or patios? Does the neighborhood or neighbor’s house look rundown, or falling apart or just plain the eyesore of the neighborhood?
Be sure to look beyond just the surrounding houses also. Is the house in an industrial area or by a turnpike, interstate or noisy heavily traveled road? Is it near a trash or recycling center? Or, a processing plant that gives off noxious smells? Is it near a sewer plant, strip club, an airport or even a pig farm?
What you are seeing is exactly what your potential Buyers or Renters are going to see. They will See, Smell and Hear things that you want to take into consideration when you buy the property.
If the property is part of a Homeowners Association, you can use the regulations to uphold the rules and have them notify the homeowner, which can be of help. But, it's still best to see if the development is near another detracting factor, be sure take the location into consideration, it's something that can't be changed.
If no Homeowners Association is involved, you can file a complaint with the township or borough. Sometimes that can make the situation worse. Take into consideration that you will own a property which potentially can lead to further problems with the offending neighbors.
It’s always a good idea to drive around the neighborhood and even stop to speak with neighbors about how they like living there. It's not a good idea to let them know you intend on renting the property as some homeowners feel more rentals bring down property values.
It’s good to check on Google Maps and see what’s in the area surrounding the property. And, be sure to check to see what’s on all sides of your potential purchase on Google Maps. Do your homework and protect your profit.
Never, Ever, Ever, Ever, buy a property sight unseen. Some banks are offering foreclosures across the United States at low prices, there is a reason they are selling so low. Don't be fooled.
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Hope this helps, if you would like info on a particular property on the market, feel free to send me an email McKinney.Kathy@gmail.com with the address or MLS number.
Kathleen McKinney, Realtor - REO Specialist Platinum First Realty, 708 Main Street, Harleysville, PA 19438 Office 267-647-9800 ext 412 Email: McKinney.Kathy@gmail.com website: www.kathymckinney.com
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Author:Kathleen McKinney Phone: 215-500-3424 Dated: March 28th 2015 Views: 335 About Kathleen: My experience level is at your disposal ! My background in mortgages and rock solid understanding of...
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