To you it will. To the next buyer it's a liability. In a world where paying off a mortgage was a possibility, this was fine. Now you're beholden to the median desires of the real estate market with every decision you make on your house.
ⓐ: A financial asset where you landlord yourself, always worrying about the valuation by others. Think rectiliniar greige.
ⓑ: Your home, lived in and modified to your wants and whimseys. Often over or under capitalized.
The first home we buy is usually a financial instrument type ⓐ.
If you can buck your initial programming/conditioning, you can get ⓑ with effort and luck.
For elderly people a big house can be a liability. It makes a lot of work and you don't need it once the children move out.
A big house is sold to people as an investment in future value (ⓐ).
More importantly a big house is often driven by a not-so-hidden desire to show off to others a massive status symbol (a tragic McMansion), and high status is also ⓐ.
Of course a big house can be ⓑ: but it is less common to see crazy money spent on large whims (assuming having enough wealth to be able to burn pointless dollars).
Sorry if I'm mansplaining - but I just don't understand why you'd say something so obvious, while implying something so disconnected.
A ⓑ house can have a high valuation. The thesis of the dichotomy is about intent, not about outcomes. And we often have mixed intents so it isn't as black&white as I stated it.