5 reasons why you SHOULDN'T buy a house.
Why you shouldnt buy the cheapest house on the best street anymore
- An old adage is one you should forget: "buy the worst house in the best neighborhood."
- , the president of the real-estate brokerage Douglas Elliman, said in an interview with Mansion Global this month that it's better to buy outside of the best neighborhood because "it will eventually spread out."
- There are several ways to spot an up-and-coming neighborhood, like keeping an eye out for new businesses and restaurants where people congregate and for an increase in renovations.
One well-known real-estate adage is one you should forget: "buy the worst house in the best neighborhood."
Instead, it's all about having an eye for the nearby up-and-coming area or next hot spot, according to Scott Durkin, the president of the real-estate brokerage Douglas Elliman.
"They used to say buy the cheapest apartment in the most expensive building, but it's better to buy slightly outside if you have to and can't afford to be in the area," Durkin said in an interview with Mansion Global, published this month, about the best area for investing in luxury properties. "It will eventually spread out."
He added: "You always want to listen to your contemporaries, and the people you spend time with. People love to talk about real estate, and you can get a sense of where things are going."
Read more:10 hard truths no one tells you about buying a house
He said to "keep an eye out to where people congregate, where the best restaurants are, things like that."
But that's not the only way to spot an up-and-coming neighborhood.
An influx of stores and businesses — like a coworking space, an organic grocery store, or small boutiques — can be a sign of an emerging or gentrifying area, as can an increase in construction trucks in the street signaling renovations, according to the real-estate site Trulia.
Proximity to the subway or bus lines, as well as neighborhoods characterized by a certain architectural style, also signal a potential for revitalization. You can also do a little more research and ask your agent which areas are seeing a decline in the number of days houses or apartments are spending on the market — it could be a sign that a location is picking up.
Video: Why Buying a House is a BAD IDEA! Don't buy a house to live in. Lifestyle Inflation.
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