Denise and her husband are considering a move back to their home state of Ohio. They've found a place they like, but it has one big drawback. Dave listens, assesses the situation, and gives them his thoughts.
QUESTION: Denise and her husband have been debt-free, except for their mortgage, for a few years. They want to relocate to their home state of Ohio in order to be closer to family. They’ve found a home that interests them, but it has a large utility tower on the property. Should they consider this home?
ANSWER: The downsides are simple. Number one, you’ve got to look at the stupid thing every time you’re sitting on your patio. Number two, when you get ready to sell it, everybody who looks at the house is going to have the same concerns you have. It’s not going to appreciate in value, and you’re going to have trouble selling it when the time comes.
If you’re willing to put up with those two things, you might get a steal on this place because no one else may want this house. But personally, to me it would be enough of an eyesore that I’m probably going to bail. But that’s just a personal opinion. If you can put up with it, and you get a steal of a deal…
Understand though, when you get ready to sell it you’re going to lose out on any money you gained on the buy. Someone is going to do the same thing to you. I’m not completely killing the deal, but I’d have to get it at about 40 percent off appraisal price. You’re going to give it up again when you sell it.
Again, I probably wouldn’t buy it to live in. I wouldn’t want to put up with it, and I don’t want to have to worry about the hard time I’m going to have reselling this house.