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Bigger Is Better...Sometimes

By
Real Estate Broker/Owner with HomeRome Realty 410-530-2400 311291

 

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.

 Who might over-improve a home? 

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.

 

Bells Whistles Margaret Rome

 

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!

 

 

Margaret Rome

 

Posted by

Margaret Rome
HomeRome Realty
Broker/Owner/Realtor®

Baltimore, Maryland


Sell Your Home With Margaret Rome

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Debb Janes
Nature As Neighbors - Camas, WA
Put My Love of Nature At Work for You

Quality of life - enjoyment, a need for a certain family situation, that is enough of a reason for me. And yes, those unusual homes are often a somebody's perfect cup of tea. We see it time and time again with unique homes. 

Jan 19, 2019 01:56 PM
Patricia Feager, MBA, CRS, GRI,MRP
DFW FINE PROPERTIES - Flower Mound, TX
Selling Homes Changing Lives

Margaret Rome, Baltimore Maryland - This is good advice. I agree. Buy wisely!

Jan 19, 2019 01:56 PM
Margaret Rome Baltimore 410-530-2400
HomeRome Realty 410-530-2400 - Pikesville, MD
Sell Your Home With Margaret Rome

 

Dorie Dillard CRS GRI ABR Sometimes bigger is better for the buyer...if it is the right house!

Jan 19, 2019 02:19 PM
Margaret Rome Baltimore 410-530-2400
HomeRome Realty 410-530-2400 - Pikesville, MD
Sell Your Home With Margaret Rome

Debb Janes EcoBroker and Bernie Stea JD Thanks for the support. Sometimes have to work a bit harder to match these homes with the right buyer.

Jan 19, 2019 02:21 PM
Debb Janes

I know, first hand, you are right. It sure is satisfying though when they close. D 

Jan 20, 2019 08:17 AM
Margaret Rome Baltimore 410-530-2400
HomeRome Realty 410-530-2400 - Pikesville, MD
Sell Your Home With Margaret Rome

Patricia Feager, MBA, CRS, GRI,MRP  Buy wisely and know what the buyer wants and needs. And it is always good to see you.

Jan 19, 2019 02:22 PM
William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

Many times smaller and better lay out is much better

Jan 19, 2019 02:52 PM
Margaret Rome Baltimore 410-530-2400
HomeRome Realty 410-530-2400 - Pikesville, MD
Sell Your Home With Margaret Rome

 

William Feela I call it Right Sizing...what the buyers need. Many times it is smaller and a better layout.

  

Jan 19, 2019 03:17 PM
Carol Williams
Although I'm retired, I love sharing my knowledge and learning from other real estate industry professionals. - Wenatchee, WA
Retired Agent / Broker / Prop. Mgr, Wenatchee, WA

Hi Margaret,
I love this post because it brings up some important points. I absolutely agree with you. If you need to make improvements or upgrades in a home to serve a specific purpose that is money well spent and very difficult to put a price on the personal value it creates for however long you live there.  That actual dollar investment may not be recovered at sale time but you have reaped the benefits during your time in the home.  You can't put a monetary value on things like that.   Thanks for the post!

Jan 20, 2019 08:10 AM
Carol Williams
Although I'm retired, I love sharing my knowledge and learning from other real estate industry professionals. - Wenatchee, WA
Retired Agent / Broker / Prop. Mgr, Wenatchee, WA

Congratulations!  You've been Featured in the Bananatude.

Jan 20, 2019 08:15 AM
Margaret Rome Baltimore 410-530-2400
HomeRome Realty 410-530-2400 - Pikesville, MD
Sell Your Home With Margaret Rome

Carol Williams Thanks for the feature and for your comments. THis is going to be one of my topics on my 12 noon radio show...gotta go..I'm late!

Jan 20, 2019 08:38 AM
Beth Atalay
Cam Realty and Property Management - Clermont, FL
Cam Realty of Clermont FL

Hi Margaret Rome, Baltimore Maryland, the extra money spent on improvements or additions don't necessarily mean more money when selling a home.  Buy and spend wisely. Great post!

Jan 20, 2019 10:54 AM
Tammy Lankford,
Lane Realty Eatonton, GA Lake Sinclair, Milledgeville, 706-485-9668 - Eatonton, GA
Broker GA Lake Sinclair/Eatonton/Milledgeville

Yes sometimes you do have to wait for that perfect buyer, but there is a home buyer for every house.

Jan 20, 2019 01:59 PM
Margaret Rome Baltimore 410-530-2400
HomeRome Realty 410-530-2400 - Pikesville, MD
Sell Your Home With Margaret Rome

Beth Atalay There are times that improvements and additions are a necessity even knowing the money may not be recouped.

Jan 20, 2019 02:05 PM
Margaret Rome Baltimore 410-530-2400
HomeRome Realty 410-530-2400 - Pikesville, MD
Sell Your Home With Margaret Rome

 

Tammy Lankford, Reminds me of those other sayings. 

Jan 20, 2019 02:07 PM
Chris Ann Cleland
Long and Foster Real Estate - Gainesville, VA
Associate Broker, Bristow, VA

I still remember a family member calling and asking me if spending money on a pool or finishing their basement would be more of a return on their investment when they sold.  My answer of finishing the basement was obviously not the one she wanted to hear, but then I asked her a couple of questions, "How long do you intend on being in your home?"  She gave an answer of multiple decades.  Then I asked, "Will you get enough enjoyment out of a pool over those years to make it worth the expenditure?"  In the end, the enjoyment is all that matters.

Jan 20, 2019 04:15 PM
Margaret Rome Baltimore 410-530-2400
HomeRome Realty 410-530-2400 - Pikesville, MD
Sell Your Home With Margaret Rome

Chris Ann Cleland  Wonderful answer. Your comment would make a good stand-alone post. Always good to see you!

Jan 20, 2019 04:28 PM
Lynnea Miller
Bend Premier Real Estate - Bend, OR
Premier Real Estate Service in Central Oregon

Hi Margaret.  It is hard to sell an overbuilt home when the neighborhood comps support a much lower price.  My husband builds spec homes and loves infill.  However, he is always careful to make sure the home he builds fits the neighborhood and the comps support the price.

Jan 20, 2019 05:10 PM
Margaret Rome Baltimore 410-530-2400
HomeRome Realty 410-530-2400 - Pikesville, MD
Sell Your Home With Margaret Rome

Lynnea Miller You are so right.  No one, especially a spec builder would ever overbuild! None of us would ever

suggest anyone over improving their home.

The properties referred to are resales that have been over-improved by the owners.  Depending on the buyer, there can be a good deal to get a lot more house but in a less expensive neighborhood.

Hope you are listing and selling all of hubby's homes!

Jan 20, 2019 05:23 PM
Lynnea Miller
Bend Premier Real Estate - Bend, OR
Premier Real Estate Service in Central Oregon

Hi Margaret Rome, Baltimore Maryland .  I got into real estate to sell my husband's homes. Although over the last two years it has been mostly customs, the atmosphere in our local market and the attitude of our custom home owners created such an environment that he was ready to hang it all up.  I talked him into another custom - which I am listing. 

Jan 20, 2019 07:29 PM
Margaret Rome Baltimore 410-530-2400
HomeRome Realty 410-530-2400 - Pikesville, MD
Sell Your Home With Margaret Rome

 

Lynnea Miller Sounds like you two have a great plan. Wishing you the right buyer even before the house is finished!

Jan 21, 2019 06:21 PM