Do you think it is possible to OVER-renovate your house for the neighborhood it's in? Saw a house yesterday in a nice neighborhood. Lovely, detached houses. Most houses in the area...
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are selling for about $650-$700K or so. In this house, they went NUTS with the custom cabinets, exotic granite counters, $10K range and hood, two-drawer dishwasher. etc etc. I think they originally listed at $925K (which is outrageous in the area), lowered a few times and is now at $865 or something. Will buyers actually pay that kind of premium for the upgrades?
posted February 19th, 2009 at 3:13pm in
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16 Replies (log in or sign up to post a comment)
- doubtful 2-19-2009 3:13pm
- Maybe. Someone has to be the most expensive house in the neighborhood, but it's not a great idea 2-19-2009 3:13pm
- you never want the most expensive house in the nabe 2-19-2009 3:14pm
- That is the dumbest thing ever - no one wants the most expensive house in the neighborhood! 2-19-2009 3:14pm
- nope buyers will not. they totally overdid it. 2-19-2009 3:14pm
- general rule of thumb, you don't want to be the nicest house on the block 2-19-2009 3:14pm
- someone will buy it eventually, but it will sit on the market for a LONG time 2-19-2009 3:15pm
- yes you can definitely overspend 2-19-2009 3:14pm
- you should only do that stuff for you. I'm lusting after a slate roof - we have a tudor, but I bet I won't get my money back 2-19-2009 3:15pm
- op: love tudors! Not to everyone's tastes, though. 2-19-2009 3:16pm
- the list of stuff we want to do in this house probably reaches 500K - but we will hopefully be here for 20 years 2-19-2009 3:17pm
- ditto 2-19-2009 3:16pm
- My neighbors did this. I am sure they spent $300K on the renovation. No home has sold for more than $925 on my street. But I think they plan on staying for a long time. 2-19-2009 3:16pm
- It's OK if you do it because you want to live in a house like that, but not if you want your money back. 2-19-2009 3:18pm
- Yes, they did it for themselves. Plan on being there forever 2-19-2009 3:19pm
- nope 2-19-2009 3:17pm
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