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How to Avoid "Over-Improving"

As a homeowner, you likely have a laundry list of things you want to improve in your home. From small things like a new splash of paint to larger projects like that bathroom or basement remodel, the improvement possibilities are endless. However, if you're thinking of selling your space within the next several years, keep in mind that it is possible to "over-improve" your space.

Simply put, over-improving your space means making changes that go above and beyond the possible ROI, or fixing up the home to the point where it becomes worth far more than nearby neighborhood properties.

Down the road, when you may want to sell, potential homebuyers will be reluctant to pay, say, $300,000 for your home when others are priced at $250,000. It may not matter if you have a new kitchen or a gorgeous deck out back -  If they want to pay that kind of money, they will likely make a purchase in a neighborhood where most of the homes sell in that price range.

Carefully measure the cost of any improvements you want to make against the overall values in your neighborhood. Otherwise, you may not recover your costs or increase your property value significantly.

Also be mindful of taste-specific improvements, especially if you plan to sell within five years. That fancy home screening room with real theater seating and full surround-sound may be a blast for you and your cinephile friends, but a potential buyer may see it as a deterrent.

As a Member of the Top 5 in Real Estate Network®, I have a wealth of real estate and homeownership information that may be of help to you. Feel free to contact me any time to learn more about this important information, and be sure to forward this article on to any friends or family that may be interested as well.


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