Perhaps one of the most know and yet still the most devastating traps is falling in love with a potential home’s decor. It’s a trick home builders have been using for years. They dress up a cheaper home with trending paint schemes and home accompaniments of the days.
And guess what? Even though they know paint is cheap and the all the furnishing don’t go with the home, some poor sap falls for it. I guess they can’t see past all of that, or maybe they just don’t understand construction cost well enough to know they are being had.
Now granted there are many upgrades in homes that are costly and do add value. Some obvious ones would be cabinets, counter tops, trim, appliances, and flooring. Through in some of these, and it makes it even more complicated. Some buyers can quickly tally up these cost versus adding them later, but how much value does it really add?
Would you pay more for the upgrades you choose or the ones someone else did? Now factor that in with getting to pay for it in a low monthly mortgage. What do you think other buyers in your price point would choose, and how do you plan on finding out?
Now put all that aside, and let’s consider most important and value determining factor of the home – the design. How much cost and value is in a one level home versus two or three? What about a crawl space versus a slab or a walkout basement? What about the different type of roof gables? Have you priced vaulted or tray ceilings? What about a pool? And what about…?
Does any of this even matter to you or should it? I am guessing some but probably not all of it, right? The problem is whenever you decide to sell this home what made it attractive for you and made it seem like a value might not be what does it for another buyer. They might be considering other features and adding and just as importantly subtracting value for other items.
I am not saying don’t fall in love with your next home because I hope you do. But just don’t overpay for it because you don’t know whether the next guy will when it comes time for you to sell.