17 May Thinking About A Rebuild? Location Is Key!
I know everyone has heard the real estate term “location, location, location!” But when it comes to a rebuild that saying holds true. Being that I am an Orange County / Huntington Beach Realtor I’ve seen just about everything when it comes to rebuilds, add-ons, and upgrades. However, there is one truth that always holds true when one does a rebuild. The truth of “location, location, location!”
THE TRUTH ABOUT LOCATION:
The truth is, it doesn’t matter how big or fancy the rebuild of a home is if the location can not handle it. Let me explain, I’ve see homes be rebuilt to perfection in Fountain Valley, Huntington Beach and Costa Mesa. The problem is these homes will never go for what they are truly worth based on the location. You may spend a million dollars upgrading your home but if the other surrounding homes are only selling for $500,000 then guess what? The home that has a million dollar rebuild has been capped! It may be worth 1.4 million but will not sell for over $750,000.
THE LOGIC BEHIND IT:
This is a hard pill to swallow for someone who has rebuilt their home in a area that couldn’t handle it. The truth is if a person is going to spend 1.4 million dollars on a home why would they choose an area with $500,000 homes surrounding it? For 1.4 million they could purchase a nice home in Newport Beach! Their not going to drop 1.4 million in Westminster. If your going to spend that kind of money I recommend moving to a place that could handle the rebuild; thus, serving as a wise investment. There are areas that are truly cap-less when it comes to rebuilds, upgrades, and add-ons if you have money to spend. I recommend going to these neighborhoods and finding a tare down and rebuilding it.
I’M THINKING ABOUT DOING A REBUILD, WHAT SHOULD I DO?
If your thinking about doing a rebuild and want to know what your home would be worth after the construction contact me. I’ll do a comprehensive analysis of the area and find out what the cap is for the neighborhood. This will help you know how much you should spend; thus, helping you make the wisest financial decision about your next rebuild, upgrade, or add-on!
I hope this helps. If you have any questions about Orange county, HB, or Costa Mesa real estate contact me, I would love to answer any and all questions you may have. Not only on this subject but anything concerning real estate.