The largest, most expensive home in the community is always hardest to sell UNLESS there is a real value adding element that compel buyers to ignore the 'investment' potential of the home. Big water views, 18th hole, near Disney or white sand beaches and my favorite, dolphin or manatee sighting from the back yard retaining wall.
The best investment to make in a home, whether it is expansion or a pool, is the one you and those important to you can thoroughly enjoy. That could be the only ROI one should expect.
If its in a good area, adding a second unit will increase values dramatically. I do a lot of work in the area, and have a few unique and proprietary ideas. Please contact me if interested in gong into a whole new marketplace. Using this idea, I recently found and seller and buyer within 1 day, closed escrow in 18 days, and they are now my good clients forever.
Keller Williams Realty
I have read through the answers, and your responses, and I would happy to set up a time to meet with you and review your options. There are advantages and disadvantages to both scenarios, and only through gathering all the right information, can you make the right decision.
As others have stated, you want to be careful about over-improving for the neighborhood by building too big of a house. A duplex is a great idea, if you want the residual income from a rental.
Please contact me directly, so we can set up a meeting for me to come out and look at the property. I can show you all the reports, market analysis, as well as rental market analysis.
I look forward to hearing from you!
Nicole Fedorchek, Realtor
Next question: How long do you plan to stay in the home before moving on? Or are you thinking of adding on to increase the value and hope to achieve a bigger reward.
It would be a good idea to talk to a realtor who can tell you what your market is doing, how homes are selling in your neighborhood and what benefit would best suit your particular situation.
Then you want to find a licensed contractor and brainstorm the best possible scenario to achieve your dream.
Happy to help you if you need some more info.
Keller Williams Newport Estates
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Great advice from Annette. From a lender's standpoint, it is assumed that a house that is overbuilt for the neighborhood will take longer to sell. Also, if there are no comparable sales to support the value, they will ask the appraiser to make appropriate adjustments.
Elva A. Wormley
Office (408) 615-8500
C2 Financial Corporation
2845 Moorpark Avenue, Suite 209
San Jose, CA 95128
NMLS #331981 / BRE #01274093