Is it possible to Over-Improve a house for its neighborhood? Carmel Builders President & Owner Louis Weiher shares this thoughts on this commonly asked question in this week’s episode of Carmel Builders Sidelight Series.
Welcome back to another episode of our Sidelights series, and I’m going to answer a question that I get asked a lot, which is, can you over-improve, or really, clients ask me, “am I over improving for the neighborhood?” “Can my neighborhood handled this type of investment in my house?” And I would say that that really depends on two things. The first one is, are you planning on moving soon? And if you are, the answer is yes, because the reality is remodeling projects don’t return what you put into them. I wish I did and make my life really easy, but they don’t. You’re only going to get a percentage back what you put into that. But the second one, the second scenario where you’re not planning on moving, you’re going to stay there. I challenge you then to think about why are you worried about Over-improving for your neighborhood? You’re not going to put the house on the market.
I said in the previous episode, a couple of times, look, your home is not a great investment. Let’s not pretend that remodeling is a great investment because it isn’t. But it’s a quality of life investment and improving your home literally improves your neighborhood. So can you over improve your neighborhood? I don’t really know. I mean, if you love your neighborhood and you care about where you’re at and you feel you’ve got the best neighbors, you like the schools, you like everything about it, then why not over improve for your neighborhood? Why not have the nicest house on your part?
Because, let me tell you something. In a great neighborhood, having the nicest house on the block, I don’t care where it is. I can pretty much guarantee you that you won’t have the nicest house on the block for very long because other people are going to say, hey, that’s a really great idea. We should probably remodel our kitchen. We should probably about our bathroom because we love it here, too, and we’re staying here for a long time. So it goes back to that idea that this is an investment in your quality of life and it’s an investment in a lot of ways in the quality of your neighbors lives, your community lives. If we don’t improve homes, right. If we don’t take care of them, they’re going to start to fall apart. They have an expiration date. It’s a long ways down the road. But but if we don’t improve them, then things start to fall apart. If you and you’ve seen it before, unfortunately, we see it’s very sad. You drive through neighborhoods that used to have beautiful, beautiful homes. Nobody took care of them for a number of reasons.
But let’s not let that happen to your great neighborhood. So don’t be afraid to do what you want to do for your house. Ultimately, I would say you can’t over-improve, you can overspend. That’s a personal decision based upon your budget, but you can’t over improve. Take care of your neighborhoods. That means you’re taking care of your neighbors. You’re taking care of your community. Something really important to me and I really hope that maybe shifts the way that you think about it. Thanks a lot. We’ll see you another Sidelight Series coming soon. Click to subscribe below. Thanks.