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Home Improvements That Pay Off

Jan 12, 2008
There are many types of home improvement projects. Some, like new wallpaper and a fresh coat of paint, are relatively minor touch-ups. Others, like family room additions, are major undertakings. People love to fix and fiddle with their homes, regardless of the magnitude of the project. Many property owners take on extensive home improvement projects with the intentions of "flipping" for profit. It's a wise investment tactic if you can recognize which home improvements hold their value.

You may be improving a "fixer-upper" to sell for profit, or you may really you're your home and simply want to secure the value. Either way, you need to know how to invest your money. It's easy to estimate the value of your home improvement projects, and there are tricks you can use to increase the value even more. Basically, the more you invest in your home, the greater return you can expect to receive upon selling.

Every property has room for improvements, regardless of the size or location of your home or the amenities it offers potential buyers. Something as simple as new flooring and a fresh coat of paint can greatly increase the value of the property.

Do It Yourself

Do you think that you need to spend a lot of money to make money? Not so. What you need is careful planning, a moderate investment of cash and time, and a lot of elbow grease. Take the time to think about everything you'd like in your dream home. Sit down and begin planning it out. On a piece of paper, make two columns: "House Currently Has" and "House Really Needs".

Determine everything that your house has, such as two bedrooms, one bathroom and a separate dining area. Once you've completed that section, think of your dream home again. List all of the things that your current home is missing. Don't forget about the fireplace and Jacuzzi! In reality you probably won't be able to achieve everything on your wish list, but you will accomplish some of your goals, and you will increase the value of your home.

High Standards

The standard of living that we enjoy in today's world is much different than it was even two generations ago. When it comes to buying a home, North Americans are particularly fussy about their "haves and have nots". Many potential buyers won't even consider a property if it doesn't offer an en suite bathroom or multi-car garage. So, if your home doesn't have an en suite bathroom, does that mean that its worth much less than the Jones' house next door? Of course not. Still, if you absolutely must have an en suite bath, it's really not that hard to achieve.

In most homes, the bathroom is directly opposite the master bedroom. Realizing your dream can be as simple as knocking a hole in the wall and putting a doorway between your bedroom and the existing facilities. Voila! An en suite bathroom, and an immediate rise in your property value.

Add a Bed and Bath

You can virtually guarantee an increase in property value by adding an extra bath or bedroom. If you don't think that you have room to add a second bathroom, take a closer look. Even a main floor broom closet can have enough space for a sink and toilet, so call your plumber and get started. An additional bathroom can cost relatively little, but will add substantial value to your property.

A Clean, Fresh Start

Installing a new bathroom may be out of your price range, but there are simpler jobs that can increase your property value with very little investment. A fresh coat of paint or updated flooring can make all the difference in an existing room. If your kitchen or bathroom looks dated, apply a coat of fresh white paint to create a crisp, clean appearance.

Potential buyers will see it as a blank slate on which to create their own personalized dcor. White is simple, contemporary and appealing to most buyers. For about 50 dollars, this is one easy and inexpensive job that can make or break the sale.

Have an Action Plan

Wise investors follow a basic rule of thumb in climbing the property ladder: a small investment made today is a big investment in your future. Your home is probably the largest single investment you'll ever make, so you need to fully understand the value of your property. Get a plan in place to guarantee a return on your investment.

Remember, whether creating your dream home or flipping for profit, choose projects that reflect a modern, contemporary and fresh tone. Invest a little today and you can realize big rewards down the road. Keep things contemporary, modern and fresh and you will be on to a winning ticket. Remember to think of your dream home and try to achieve it as much as possible and watch your home improvement value rise. Choosing home improvements that hold their value is the key to profiting from real estate.
About the Author
Writer Phillip Blunzon is an essayist for a variety of web magazines, on home improvement and most lately, home improvements that hold their value topics.
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