A Bonaire Classic photo by Delno T.
You get What You Pay for and …
Everyone has heard this truism. My mother who was extremely wise had a corollary for this. She always taught me, You Get What You Pay for and You Pay For What You Get.
All to often all of us decide to pay a little less, to cut a corner, to try and save. Don’t get me wrong I want everyone to be very careful about money. Those of you who know me personally know that I am very, very careful about money. I have even been called “tight”.
What my mom was always teaching me is that there are consequences to all our actions and inactions. This is especially true in real estate. Real estate is a long- term investment. If it is five years or twenty- five years either way it is a long time.
Real estate is also an in your face investment. This is especially true if it is your home or vacation home. You are going to see and live with the consequences of your decision every single day for years and years. This is why it is so important that you take a very long-range perspective of all your real estate decisions.
Mom always said I want you to make the right decision for yourself because you are going to have to live with that decision for many years. Sometimes she would say, it is your decision and I respect that and want you to be happy. If you are not happy over time tell me once and only once that you are not happy. That was Mom’s not so subtle way of saying I was going to have to live with my decision by myself.
Not too long ago friends asked our opinion about putting in a pool. On Bonaire a pool is now a necessity in any house over $300,000. The clients were not pool people and agonized over their decision. Pools any place are expensive to install and maintain. On Bonaire if you are not collecting rain water to fill the pool your water bill will be very big.
We told them that from a real estate resale perspective they should put in the largest pool they could afford. We suggested they look at the pool as a return on investment improvement rather than a personal luxury. We counseled that they think in terms of years rather than in terms of today.
Finally, they decided they would put in a small “dipping” pool one about ½ the “standard” size for a home of their size and quality. Though money was not an issue they just did not see the need for a larger pool. It was their home, their money and their pool. They had no plans to ever leave the island.
Their personal situation has taken a very unexpected turn and they have to return to Europe and must sell their house. Now they wish they had made the relatively small additional investment for a “standard” size pool. The additional cost is a fraction of the diminution in value of their home compared to other similar homes on the market. Though they have a beautiful home it just does not have the same “wow” factor as their competitors because of the tiny pool.
In a very painful and real way they are experiencing Mom’s corollary. They are paying for what they got, and they are paying a grievously high price.
Other friends are right now facing this dilemma. They are doing a top to bottom remodel. It is going to be expensive. They do not have a lot of money and this improvement must be done judiciously. They are being very wise in their choices. Styles, colors and taste change over the years. That change cannot be stopped.
Change can be anticipated. Good taste is timeless. Neutral colors are always in. Quality is always in demand. They are making all of their decisions within that framework and understanding. They are making sure their investment of today will be profitable tomorrow.
Our friends are getting what they pay for and they will get a good return on their investment. They will have a positive “pay” for what they got.
What are your experiences in paying for what you got?
Did you know that we offer free consultation services to help you remodel and improve your real estate?
When are you planning your next Bonaire improvement project?
We are so excited. We have a closing in a few days. Google alerts selected my recent blog on real estate websites for recognition. Most importantly our surprise project is moving forward beautifully. We are so excited and know that you will also be excited. Our project is something Anna and I have dreamed about for long time and it is about to happen!
The wind is returning though it is not full strength yet. It is still hot and the plants love it. We are so happy healthy peaceful and prosperous. We want the very same for you.
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