Buying a home is complicated. You’ll need to work out what deposit you can afford and how much you can borrow. It often leaves buyers with a choice between the best house on a bad street or the worst house on the best street.
After all, not everyone can win a house through the Surf Life Saving lotteries! It doesn’t hurt to try though because winning can completely transform your life.
Benefits Of The Best House On A Bad Street
If you are buying the best house on a bad street then you’re going to get the largest house.
That means you are likely to get all the rooms you want and perhaps even a few extra.
You may get the white picket fence you’ve always dreamed of and the house is likely to need very little work, giving you plenty of time to enjoy it.
The Disadvantages Of The Best House On A Bad Street
While the house may be great there is little doubt you’ll be in a bad neighborhood.
While it is possible that the neighborhood will improve, if it doesn’t you’ll find the value of your home doesn’t go up and may even decrease.
This could leave you trapped in the street.
Bad streets are named that way for a reason, you’ll find out why once you have moved in and may not be happy with the environment.
Benefits Of the Worst House On The Best Street
The worst house is likely to be the smallest and the one that needs the most work.
The good news is that you can put the work in and your home is likely to increase dramatically in value.
Potentially more important is the fact that the house will be overlooked by many buyers that simply don’t want to put the work in.
This means you have a good chance of getting the house cheaper than you expected.
Even better, you will be moving into a good neighborhood.
That means you’ll have all the best facilities and it may be the only way you can afford to get into the neighborhood.
Naturally, the price of the house will rise as you improve it because the value of the houses around it is significantly more.
Disadvantages Of the Worst House On The Best Street
Getting into the best neighborhood is great and won’t hurt your social status.
But, to get the worst house you will probably have to trade space.
That means investing in a smaller house than you originally anticipated.
You’ll have to decide whether there is enough space for you and your family or not.
The general consensus is that the worst house in the best street is usually a good investment.
However, you are likely to feel constant pressure to keep up with your neighbors.
Ask yourself if you can afford this and want to be maintaining appearances all the time.
It will help you make the right decision regarding your house purchase.