Jacksonville, FL · Member since 2018 · 6 posts · 1 vote
I'm looking at a property that has had some work done to it but there are several homes on the same block that are vacant. Do you think it is a bad idea to purchase near these vacant properties?
Investor · Pittsburgh, PA · Member since 2015 · 1k+ posts · 1k+ votes
8y
@Lynnette Pombo buying properties like this can be concerning. 1. Is the neighborhood that bad? A lot of vacant properties can indicate a declining area. Be careful and make sure you know the area. 2. It could have somewhat of a factor when getting insurance. I have had insurance companies decline coverage because the houses next to mine were condemned or vacant and really in poor condition.
On the flip side it could be a good thing. if you are buying a property in an area that has declined as far as it will go and it could be back on its way up. So this could mean you are getting in on the ground level at a rock bottom price. Also if the properties are vacant on either side there may be an opportunity to buy those properties since the owners are probably not paying their taxes.
Jacksonville, FL · Member since 2018 · 6 posts · 1 vote
8y
Hi @Alex Deacon thank you for sharing your knowledge. Those are some great questions I'll need to investigate further. We are looking at a property that is not in our state so I am relying on our agent to guide us to better areas. Our agent did say that when she did the drive by today she was not encouraged by the area.