Living In Older Homes Around Redevelopment Zones For Potential Buyouts

Recently I was told of a person who lived in an apartment building which was very old but still livable as that is all that matters when it comes down to it. When he was first looking for a place he actually didn’t care too much about having items such a swimming pool or in-suite laundry. Because of all that he was able to get the place for pretty cheap at under $300,000. Fast forward just a few years and his area is rapidly changing with developers buying out homes and small buildings to construct large towers and condos.

Usually in these cases all owners will be given an offer as a buyout. In this case? Apparently everyone is being offered one million dollars each. Not bad for a return of investment considering this is an essential purchase as well. He can pretty much buy a house if he wants. It made me think how many times when people are shopping around for real estate to live in they automatically think of features and accommodations. But in this case, where you are and the potential to receive a buyout this way is something to consider as well.

They often say the best investment you can make in life is usually a house as it is the one thing that usually goes up in value because of the land property.