Reply to True/False: you should buy the most house you can afford (in this area) to maximize appreciation

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Reply to "True/False: you should buy the most house you can afford (in this area) to maximize appreciation"

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[quote=Anonymous][quote=Anonymous]I'm not sure this is what you're really looking for, but to answer your question: no.  To maximize appreciation, but in an area that other people are reluctant to buy (not just DCUM people), like Anacostia.  [b]That reluctance to buy translates to lower prices for you when you buy.  In several years, when more people see it as a viable place to live, you'll see significant appreciation.[/quote][/b]

+1.  We had great luck doing this.  Bought in up and coming areas.  Ex.  Bought an one bedroom apt in NYC, Manhattan, during the 90ties for 25k.  Sold in 10 yrs for 435k.  Subway entrance at the end of the block.  We remodeled the bathroom, replaced the kitchen stove and frig.  That's it.

Bought in DC, NW downtown within .5 mile to red, yellow and green metro lines.  Bought from a guy who bought the property sight unseen at auction.  He doubled his money when he sold to us but painted the interior.  We will at least double our money when we sell after living here less than five yrs.  Done nothing except basic maintenance.

We never had to get a mortgage and could have bought a lot more house with a mortgage but prefer living without one.[/quote]

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