New vs resale homes

[llkltk]

Originally Posted by elduderino38

Precisely. I'm an appraiser and I've seen over improvements too many times. I feel sorry for the owners.

What do you consider overimprovements?

[elduderino38]

Originally Posted by llkltk

What do you consider overimprovements?

I would start out by saying that you want to conform to the neighborhood. Meaning what are typical features in most of the houses? For example, granite and hardwood floors - if no other houses in the neighborhood have these the cost of adding them will most likely exceed the general price range for the area and you won't get back what you spent, much less profit from it.

The best thing to do before making any improvements is find out what your house worth in its present condition and where it sits in the neighborhood price range. Then look at the houses with higher values. How much would it cost to make your house similar? Add that to its present value. Do you net a positive or negative number?

In general, probably the best money spent is updating a kitchen and bath (so long as you don't over do it or personalize it with odd choices). A fresh coat of neutral paint and clean / good condition floors is always a winner because then it is move-in ready.

Over spending on landscaping is big time loser. Just make it look appealing.

In-ground swimming pools return about 10% - 30% of the cost depending on the neighborhood. Don't put one in unless its for personal enjoyment.