Re:A global house-price slump is coming
by nostrademons on Friday October 21, 2022 @07:40PM
(#33294109)
People often overestimate the universality of their tastes. Our sellers assumed that one of the first things we'd do would be a kitchen remodel, but we actually love the kitchen the way it is, and are just doing minor appliance replacements. Meanwhile what we actually did was new windows, solar, and a bunch of energy efficiency upgrades, which had been totally off their radar screens. If they'd gotten a different buyer it probably would've been a very different set of upgrades.
The $50k you spend on windows would often only recoup $45k or even less, people vastly underestimate the costs of many things (but not all, foundation problems people always overestimate).
The saddest story I read about was someone who was told that putting $20k of new windows would let them sell for $40k more; and they did, and the buyer bulldozed the house to build a new one.