When looking at homes, one is tempted to buy the best home in a neighborhood. Should you buy the most expensive home on the block? No.
Think Long-Term
Assume you fall in love with the masterpiece home in a particular neighborhood. It has everything you could dream of: black bottom pool, marble, an incredible kitchen, top of the line windows, stunning brick work and so on. The sellers obviously put a lot of time, effort and money into the home. Accordingly, it stands out as the pearl on the block. Why wouldnt you want to snap it up immediately?
Before you start signing documents, take a look at the sales prices of comparable homes, comps, in the neighborhood. If you compare the comp prices to the dream home, you should notice a pretty significant price difference. This difference should act as a metaphorical slap in the face or pouring of cold water over your head. The dream home is undoubtedly selling for a price range far beyond the comps. Warning lights should be going off at this point.
You are going to have a problem if you give into temptation and purchase the most expensive home on the block. In fact, you are going to have two problems....
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