Buying a Fixer upper next to a new home being built
Hi. I am looking at a house that has 3 bed & 1 1/2 baths. It was built in the 1958. It had a home built in the same era on the lot next to it but someone bought it this past year and tore it down and is building a large 2 story brick home that is probably 5 bd 3 ba. Is this a good/bad thing or does it even matter? My plan is to renovate the house and try and sell it at the beginning of spring. Has anyone been in a situation like this before. If so, did you have any trouble selling the house? Thanks.
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This could be a good thing really, as a good neighborhood has added value. Many buyers may be looking for a nice house in a nice neighborhood, and if yours is cheaper than the new one next to it, this may make your house more desirable to a middle of the road buyer.