Better Place to buy Cheap Homes
Cheap Homes in the best neighborhood or cheap homes in hottest neighborhood which is the better Investment!!!.....
Has anyone ever told you that buying the most run-down house in an expensive neighborhood is a good investment? Well, they’re wrong and you’d be surprised to hear just how disastrous that decision can be. Think of it this way, when you buy the cheap house in a wealthy neighborhood you are also buying the house with the least potential to raise in value. You might think that the surrounding properties will increase the value of your own. But in fact, being the cheapest house in the area will only arouse the suspicions of prospective buyers. Why? They’ll wonder why the house is so much cheaper than those around it and assume something is amiss. Take the Ramesh family. They bought a small bungalow near Neelankarai, ECR that was valued in the bottom ten percent for the area. While every other house increased in value, Ramesh’s house lagged behind by four percentage points.
On the other hand cheap house in the hottest neighborhood can be a great investment and the key is to find gentrifying neighborhoods. What are they? A gentrifying neighborhood is one that used to be run down but is turning around as young people and artists move in. As the cultural climate changes, more wealthy people are attracted to these neighborhoods and property values skyrocket as renovations take place. For instance, since 2002 Velachery was home to many wealthy IT shots but fell into disrepair as they left for residential areas. However, in 2016 the inner city has been experiencing a revival as young people move into cheap properties, thereby sparking gentrification that sends property values soaring. So the next time you’re looking to buy property, remember that the future of the location is the key when you’re picking a prime area for investment.