Bad town + large plot, or OK town + small plot? (investments, price, property)
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In my price range, I have the choice of two suburban areas to buy a house. One is known for its bad crime rate (used to be worse), but the average plot for a house is around 6000 sf, so whatever I bought there would have expansion possibilities. The other is quieter, and since gunfire sensors were put into the few bad neighborhoods, it has become a pretty decent place to live. But most houses in my price range have plots of 2500 sf or less which puts them uncomfortably close together, and that would make expansion very difficult.
If you were looking to buy a house to live in for about ten years, then retain as a rental property afterwards, which would you choose?
Hands down for me... The safest with LITTLE crime...if you don't feel safe in your area, what good is plot, house, etc? Who would really want to buy/rent the house when you go to get rid of it, if the area gets worse? Peace of mind means a lot. JMO
I second that. I think it will be harder to rent than you might imagine in the bad crime area. And do you really want to live for ten years feeling unsafe?
Real estate is Location, Location, Location. So go for location!!! Unless you have reason to believe the more risky location will increase in value (new jobs, new investments, etc) more than the less risky location. Understanding the law of risk/reward.
Keep in mind, we are entering a tough economic period. During tough times, crime gets worse. Also, if you have idiots and/or criminals in the houses that surround yours, it will have a negative impact on your property value (not to mention your lifestyle in the interim).
The only time to buy in a "rough" area is if you feel completely comfortable living there AND you think the area is going to improve significantly before you sell again.
Thanks for the input, everyone. I think I'll try to take advantage of the market to get a bigger plot in the nice town if I can.. otherwise I'll settle for the smaller lot.
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