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Your home might be your biggest asset — and yet, you could be inadvertently making it less valuable. Some updates and renovations can backfire when it comes time to sell. “What I have seen a lot of people do is rip out a closet,” says Steven Gottlieb, a licensed real estate agent with Warburg Realty Partnership in New York City. Where he works, space is at a premium. That means eliminating a…

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