Excited about little houses in my neighborhood!
First...this is not a question on Real Estate matters. This is more of a "food for thought" and thinking out loud post.
My neighborhood is all small houses. I bought mine in spring 2008. I bought mine about $10K above the "going rate" comps. Previous owners gutted the kitchen & bath and restored it after a fire. Everything is new in here where it counts including windows, siding, insulation & electrical. Original 1940's nooks, built-ins & details were kept & cared for. Plus, I love my house so much, I was happy to pay the price I did.
Right now, 3 of my neighbors are doing kitchen and/or bath remodels. Two of the 3 are doing it because they plan to sell. The $$ they are putting into their upgrades will likely bring their homes up to the price point of what I paid for mine. From what I've seen, gathered, & learned from my neighbors, most people's homes here could use upgrades.
Yay! This is making me think my neighborhood is headed for an up-turn, and some of my own dreamy but not-really-necessary upgrade ideas aren't so off-target.
I'm not looking to move/sell anytime soon. I also believe that as long as I can afford an upgrade and I love it for me, it's worth the $$.
I also know (from a former career in the Real Estate biz) that too many upgrades & high end finishes don't necessarily get the financial return one would hope for when the upgrades exceed everything else in the area...so you go higher end for you and don't worry so much about financial gain.
Okay, I'm rambling now. I'm just glad to see my neighbors upgrading whether they stay or go. It's a good sign. It's justifying my interest in putting more $$ into my house.
Anyone care to share thoughts & opinions?