Don’t Over Improve

There is a new book out about our lust for real estate. Us as a society. It talks at length about the billions we will spend to create our own little palaces. Yes, even with the slow real estate market. Yes, even with the mortgage crunch. There is little doubt the book states the case accurately. A surprising large number of people, however, are going to end up regretting the improvements they make. Why? Their neighborhood can’t support the value of the improvements. If you live in an area where homes run $400,000 on average, you would be crazy to do $300,000 in improvements. Why? The chances of you recovering that amount when you sell the home are next to none. You have over improved your home. Don’t learn this painful lesson. Only spend what you can recover when you decide to sell!

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