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Overimprovement
By Contributor on December 21, 2018
Overimprovement refers to improvements made at a site with a value that far exceeds the value of the land.
While some land owners have their unique reasons to spend a lot of money on building or upgrading a house, from an investment standpoint, such acts are somewhat similar to superadequacy.
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Sometimes people don’t buy real estate for investment purposes and see them as homes.
An example of overimprovement can be a site with a land value of $25,000 and a market value of $100,000 including the house. However, the owner spent $150,000 to build that house. The excess $75,000 is an overimprovement.
A $1m dollar house intentionally constructed in a neighborhood filled with similarly sized homes valued at $500,000 is also a type of overimprovement.
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