Nothing to write home about, mostly, but I was struck by 21 Hope Farm Road, two acres, $1.995 million, with a contemporary on it that will almost certainly be torn down. What caught my attention was that while the consensus among agents was “tear down”, the house was built in 1987! Functional obsolescence is speeding up.
On a related note, I spoke with a friend when I was leaving the home who told me that she’d been looking up comparative sales for a new listing she’s preparing to bring to market and was deeply surprised to see that high end bathrooms in homes built as recently 2006 already look dated. And she’s right – I’ve noticed the same phenomenon.
So here for free is the same advice I give my clients: if you’re planning on sticking around in your present house for ten years or longer, go ahead and redo your kitchen and master bath to your taste and enjoy them, but amortize them over the next ten years because they’ll add nothing to the value of your house after that.
If you’re thinking of moving in a shorter period, wait until you’re just about ready to sell before doing those upgrades. You won’t make back their cost entirely, but they’ll be up-to-date, so your house will sell more quickly and buyers will assign extra value to them.