We live in in a wonderful community in Reston, Virginia. We have known most of our neighbors since about 1994 when our neighborhood was built. We meet for coffee, celebrate birthdays and holidays together and watch one another's lives change and evolve.
Inevitably, every time we get together, the conversation turns to who is remodeling their kitchen, installing hardwood, finishing the basement or making other improvements to their home.
There are always some who are smug about the fact that they are not falling into the 
financial trap of 'Keeping up with the Joneses.' While it might not make sense to pick your car or your handbag based on what the neighbors are doing, when it comes to real estate, a wise consumer will listen and learn from these conversations.
financial trap of 'Keeping up with the Joneses.' While it might not make sense to pick your car or your handbag based on what the neighbors are doing, when it comes to real estate, a wise consumer will listen and learn from these conversations.When I go into a listing appointment, one of the things I am evaluating is how well your home stacks up to the other homes in the neighborhood, or in the area. If your community seems obsessed with kitchen renovations, you are not doing yourself any favors if you feel that it is a silly waste of time and money. The laminate cabinets and counters the builder installed might suit you just fine, but if all of your neighbors are upgrading to cherry cabinets and granite counters, it is something you should consider.
Buyers in this market expect that they will move into homes that are ready to receive them. They don't want to do a lot of work and the certainly don't want to fix all the things that the seller did not want to bother fixing. They don't expect a house that is ready for Architectural Digest, but they do expect a home they can live in for a couple of years before needing to tackle a big project.
If you aren't sure what your neighbors have been doing to their homes, it might be time to start having conversations at the mailbox or the grocery store. Not every update needs to be top-of-the-line, but if all the homes around you have replaced the carpet or the HVAC, you should be aware that this will be what the buyers will expect when you go to sell your home.
Buying things just because your neighbors do is not a way to run your financial life, but when it comes to home improvements, a smart seller will ensure that their home is just as updated as the homes around them. It is the one time when you really should consider, 'Keeping up with the Joneses.'
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