The title says it all, folks.
Newcomers, or anyone inexperienced in real estate, seem to hold a common misconception. There’s an old motivational saying along the lines of “you get what you give” or “you get out of it what you put into it.” It’s a good saying, it encourages people to work hard to achieve their desired results. It’s mostly true- but not in real estate.
When improving your house, it’s important to maintain a simple rule: Make sure the improvements you get are things that ANY buyer would want- not just you.
If you can afford to pay for incredibly expensive elephant-ivory bathroom tiles, then great for you. Just keep in mind you’re probably one of very few people who would find that appealing- or be willing to pay for it. This is the same as overbuilding your home– it doesn’t just have to be bigger to be considered overbuilt.
Ultimately, it’s important to research what sort of renovations, remodeling, or restorations will add the most value to your home before getting started. Obviously, it will pay off in the long run.
Jonathan Montgomery Founder and President of the The Real Estate Appraisal Group.He has been a real estate professional since 1998. He’s been a broker, and investor and now serves as an appraiser. He currently works as an appraiser, doing real estate appraisals in Washington D.C., Southern Maryland, and Northern Virginia.