Many homeowners in San Diego want to update their home by adding square footage because it is believed that if the property has more square footage it will be worth more. Something that many homeowners in this situation do not consider is the homes in their neighborhood. If your property is overbuild with more square footage than homes in your neighborhood it can make it difficult to appraise.
Overbuilt San Diego homes make it hard for San Diego Real Estate appraisers to find similar comparable sales in the neighborhood. First, before any homeowner considers adding square footage to their property they need to be sure that the local codes allow it and second by adding the square footage determine if the property will be considered too expensive for the area it is located. Homeowners need to consider their neighborhood and the types of buyers that will purchase in their neighborhood before upgrading their home in anyway.
If you are considering upgrading your home try to determine if your plans with make your property overbuilt for the neighborhood. Some things to consider are does your property have double the bedroom count of properties in your neighborhood, is your property notably larger than your neighbors, and are there more stories than the majority of properties around you. If you answered yes to any of these question you may want to reconsider upgrading.
Most San Diego homeowners want to upgrade their property to increase the value, however if you overbuild for your neighborhood you may not get as much back as you had hoped. The majority of overbuilt properties sell for less than what the seller anticipated and often times less than what is the average price for the neighborhood.
Before making updates to your property consider talking to a real estate appraiser to get a better idea of what upgrades are common for your neighborhood. An appraiser can help you determine what the market trends are and if your plans will make your property overbuilt for your neighborhood.
Please contact our office with any questions you may have or to schedule your appraisal appointment at 760-741-7699, email@example.com or use our contact page on our website.
Brandlin Appraisals Inc. specialize in helping people who need appraisals for estate purposes, divorce, date of death, bankruptcy, FSBO’s and more throughout San Diego county. For more information please contact us at (760)741-7699, or visit our website at Brandlinappraisals.com, or email us at firstname.lastname@example.org
San Diego, CA // Real Estate Appraiser
San Diego Real Estate Appraisal Services For:
* Divorce Appraisals / Marriage Dissolution
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Great idea for a blog post Brandlin Appraisal. It is very important to consult with an expert before making major improvements to your property. I am an appraiser as well and I just got done with an assignment where the owner was going to do a massive renovation on a property and nearly double the square footage. I was able to show this client that the return on investment would be double with a much smaller and less risky renovation.
Great info Brandlin Appraisal. I just hope people in San Diego get a chance to read this before over improving their home and not getting their money back when they sell.