The Academy Awards wrapped up last night with much fanfare and celebration to honor Hollywood’s best and brightest. Besides seeing who takes home the Oscar, many people watch to see what people are wearing on the Red Carpet. Hollywood’s elite know that all eyes are on them and it is their time to shine. What they wear could raise their status in the industry or could land them on the dreaded worst-dressed list. Is it time to take risks, or play it safe? The similarities between the Academy Awards and the rules of real estate may surprise you.
All of Hollywood knows that what they wear to the awards show could land them on talk shows, the cover of magazines and make them the topic of everyone’s conversation. The question is, do they take the risk in choosing something they love that makes them stand out from the crowd, or do they stick with something they know will appeal to the general public?
While this works out great for Hollywood, it doesn’t translate as well in real estate. To be known as “that house” isn’t the goal for most homeowners, especially if you’re looking to sell your home. The general idea in real estate is to try to appeal to as wide an audience as possible when putting your home on the market. This will help create the most interest and possibly lead to multiple offers. You need to keep this in mind when planning renovations or even decorating your home. To take that risk, or overemphasize your personal tastes, could lead people to talk about your home, but for all the wrong reasons.
Do you want to highlight your personal style and unique tastes, or do you choose what you know is desirable to most homeowners? This may be a tough decision because on one hand you want to feel like this is your home and not another cookie-cutter house. On the other hand, if you think of resale value, that custom feature could limit the overall appeal to prospective buyers. If you are planning to live in your home for many, many years, it might be fine to add those personal touches. However, if you think this may only be a temporary home and you plan to move in a few years, then taking those chances may not be wise.
Real estate may not be the best place to take the risks that some in Hollywood do at the Academy Awards. Taking risks on the Red Carpet could pay off. Even if they end up on the worst-dressed list, they will still be the topic of water coolers everywhere and keep them relevant and in the forefront of people’s minds, just look at Lady Gaga. In Hollywood they say there’s no such thing as bad press. However in real estate, bad press could kill your chances of fulfilling your real estate goals.