Why The Its Not Always Great To Have The Biggest House On The Block

Everyone wants to have the biggest and best house on the block, and there's nothing wrong with that until its time to get an appraisal done.  If you've put additions on your house, or any kind of upgrade that your neighbors dont have you might find yourself in trouble come appraisal time.  Just recently I had an appraisal done on a property in a great neighborhood.  The house was the nicest in the neighborhood...but there was a catch.  The house had an in-law suit over the garage.  Ordinarily you'd think this would help the property value.  When the appairser did the appraisal, he had to note that this house was a "unique" property since no other property in the neighborhood had an in-law suit.  Since investors don't want to lend on unique properties, this loan was deined on the spot.  Its a catch 22.  You upgrade your house to make it more to you're liking, but now it can't be appraised property.  For those of you who have made upgrades, just beware of the potential issues.  For those of you thinking of making upgrades, just becareful.  Don't over do it, and just remember the potential issues if your house has something no one else does.

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