I currently live in one state in the southeast and am moving back home somewhere else in the southeast, and we are looking at a specific area of a suburb that I am relatively familiar with. We live far enough away that I am having to house hunt virtually with a realtor that is a family friend that I trust.
This area of town we are looking at is located near the “hip” suburb downtown, and most of the houses are 1400-1700 sq feet homes built in the 1940s. Most of them are well taken care of with prices around 500k, and a lot of houses in the area have had second stories added or were totally torn down and rebuilt to a value of around 1-1.5M.
The house we are looking at is on the market for 500k. The house has a big yard for the area, renovated interiors, well taken care of, and we even had an inspector go out today who passed the house with only a few minor issues. We are very pleased with the house, area, and inspection.
The realtor and home inspector both said the street is a great street. It is a cul-de-sac with about 7 houses on each side. Most of the houses are around the same value with a few houses in the 700-900k range.
The only issue we have is the house next door. The inspector said that the house is not well maintained. Some of the wood is rotting, and there are 2 cars in the driveway that don’t appear to have been driven or in great repair. One of them has a “we buy houses” sticker on it that is relatively worn down looking. The neighbors house in question was last sold in 1988, so I am assuming the same people have lived in it for many years. I also looked and none of the houses on the street have been sold in 3 years, and one of the houses on the street had a second story added on it about 5 years ago making it a million dollar house.
I am trying to wrestle with the idea of whether to put an offer on or not. The positives are it’s a good area, lots of young couples like us, and mostly really fancy well taken care of houses as neighbors, the house itself in good repair, and checks most of our boxes. The fact that the neighbor added a second story to their house and most of the houses on the street seems positive.
Obviously the big negative is having that house next to us as well as the potential resale value drop in the home if we decided to sell in the future.
Would you buy the house? What am I not thinking of that I should?