Neighborhood appreciation – when is the price right?

The ‘In Shaw (the historically gentrified blog)’ has an interesting point of view on a renovation. She points out the high price the townhome is asking but makes 2 points. Buyer Beware! Depending on who has done the renovation, “new” houses may not be as new as you think. Houses in our area are old. That is part of the charm. But that also means that they have flaws, visible and invisible. As In Shaw warns, you need a good home inspection. Make sure your inspector checks the walls inside and out.

As added insurance, ask about the reputation of the builder. Has he renovated a property before? If so, can you talk to a previous buyer? If this is their first, can you talk to one of the contractors they used? Does he /she confirm that the renovator did the job right?

Finally at the bottom of the post, she denoted how houses on the block have appreciated in a short time. It is very interesting to see how fast a neighborhood can appreciate.

http://blog.inshaw.com/2012/12/so-not-worth-over-12-mil–1622-4th-st-nw.html

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