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Built For Me, But Not For Thee!

Anyone who builds or renovates a home that is hyper-specific to their own personal needs and likes that are very specific and unique, needs to know that there is a high likelihood that the audience they might attract upon selling will be small, very small. Worse, if this "dream home" costs a fortune to put together, sellers need to know that they may not see all the money they put into their dream project upon selling and may end up selling at a loss.

 

Here are some thoughts on this subject:

 

1. Everyone is entitled to their dream, especially if they have worked hard. You should enjoy the fruits of your labor. 

2. If you are OK with potentially selling at a loss, go for it, but go for it within the realm of reality, knowing your highly specific tastes may not translate to another audience.

3. If you want to avoid future losses, as a bare minimum, consult with a professional real estate advisor before building out your dream renovation/new-build to identify areas where the next owner may have the capacity to add a bathroom or bedrooms, or adjust a taste specific layout/design at a reasonable cost, faster. Sometimes simply providing a plumbing stack in a wall for a future bathroom can make all the difference.

4. And then, of course, there is staging, which can help buyers see the future, and possibly negate some of the highly taste-specific elements that could prevent a sale or result in deeper discounting.

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Ken interprets market data, staying in constant communication and offering valuable insight that then translates into an informed decision.

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