When you're house shopping, you have to also shop for a neighborhood. But how exactly can you find the right neighborhoodand a home at the right price point? Well, one of the ways you can buy your way into a great home and neighborhood and stretch your buying dollar is to find a neighborhood that is in transition. Called "fringe" or "transitional" neighborhoods, they are typically close to major metropolitan areas and were once neglected and less desirable, but have been gentrified.
Buying in a transitional neighborhood for your first house allows you to get into the market relatively cheaply and build some equity. Your house gains value as the neighborhood improves. It may not be your dream location now, or the seaside beach community you want to retire to, but over time you will build even more equity and then move on at some point.
How to find that perfect diamond in the rough? Here are two ways:
1. Has a Starbucks just opened on the corner or maybe a Whole FoodsRead More »from How Starbucks Can Help You Get a House Deal