The Most Expensive Home on the Block

There is a real estate principle: The nicest homes on the block have the effect of raising the value of the homes around them.
The Most Expensive Home on the Block
Maintaining and improving one�¢ï¿½ï¿½s home becomes contagious, and over time, a few other home owners will follow suit, and then some more, in which case the effect becomes truly measurable. (FreeDigitalPhotos.net)
9/17/2009
Updated:
10/1/2015
<a><img src="https://www.theepochtimes.com/assets/uploads/2015/09/block-fdphotos-small.jpg" alt="Maintaining and improving one�¢ï¿½ï¿½s home becomes contagious, and over time, a few other home owners will follow suit, and then some more, in which case the effect becomes truly measurable. (FreeDigitalPhotos.net)" title="Maintaining and improving one�¢ï¿½ï¿½s home becomes contagious, and over time, a few other home owners will follow suit, and then some more, in which case the effect becomes truly measurable. (FreeDigitalPhotos.net)" width="320" class="size-medium wp-image-1826197"/></a>
Maintaining and improving one�¢ï¿½ï¿½s home becomes contagious, and over time, a few other home owners will follow suit, and then some more, in which case the effect becomes truly measurable. (FreeDigitalPhotos.net)

So what does it mean to own the most expensive home on the block? There are some positives. A person will feel pride of ownership, as the home will stand out and shine.

The tendency is that the house is in nice shape and is a pleasure to live inside. Also, the owner may feel a sense of reward in knowing his or her efforts in maintaining the home are improving the surrounding neighborhood.

There is a real estate principle: The nicest homes on the block have the effect of raising the value of the homes around them. Perhaps the effect is hardly noticeable, but it is viral.

Maintaining and improving one’s home becomes contagious, and over time, a few other home owners will follow suit, and then some more, in which case the effect becomes truly measurable.

But there are also negatives.

The downside comes with selling, as selling the most expensive home on the block may be challenging.

This is because our previously discussed principle has an inverse: The lesser quality properties surrounding the nicest house on the block drag down its higher value.

Another way of putting it: The nicest house on the block is limited in its maximum sales price based on the quality of the neighborhood around it. Because a buyer will always look at the neighbors’ homes to see what potential environment awaits.

So, you own the best home on the block. What can you do?

It comes down to a blend of achieving market readiness while prioritizing in home improvement projects. Don’t pour any more money into large projects. You already have a home that will shine above those around it. Focus on cleaning, tidying, and de-cluttering.

Stage your home with style and grace. Repair what is noticeably broken. Have your mechanical units serviced and cleaned. And after that, only if you still have a sore thumb sticking out, should you keep working on your home—because at this point, it is ready to go, or at least very close.

You should also market your home—or find an agent who can—with great care. Emphasize all that is good about the location: proximity to parks, community buildings, town squares, historic or up-and-coming districts.

Get quality, professional photos taken, documenting dominant features of character.

Lastly, clean up, turn on your lights, and leave out sweets appropriate to your home to welcome your prospective buyers. Wow them with the beauty of your home and your welcoming demeanor, as a person who has cared for this home greatly.

Because if there is one thing that can transcend the negatives of our principle, it is a good dose of hard work, care, and propriety.