Bigger is better...for some buyers.
Myth: Never buy the biggest best house in the neighborhood. How many times have we heard or even given this advice?
Over improved houses may not be in a seller's best interest but could be great for a lucky buyer. For a buyer, they will be able to get so much more in a house than if they bought the cheapest house in the best neighborhood.
Since I specialize in unique and unusual homes, I have the opportunity to deal with properties that may be a bit over the top. Other agents say they will never appraise and they may not.
When working with a buyer who is looking for special homes, they see the value in a home that has all the bells and whistles that work for their needs.
It could be an extra kitchen, it could be a pool addition, it could just be that all the systems are new including, electric, sewer, HVAC, windows, a roof, a sun-room, a spa, a luxury bath or even an addition for use as a home office.
Certainly, I am not suggesting that anyone, intentionally, over improve especially if they are planning to move in the near future!
But it's your home and if an in-law suite, extra kitchen, tennis court and swimming pool is what your family needs... then go for it!
You probably won't get your investment back.
But who can put a price tag on the pride of ownership? Maybe your kids don't need summer camp when you have a backyard pool. Maybe your parents won't need assisted living when you have an in-law suite.
Over improvements can be perfect for the buyer who wants a turn-key house, meeting their needs and be able to move in and start living.
Sometimes you need to wait for the right buyer.
Sometimes bigger is better!