A Guide to Home Renovations

For most people, the best and most expensive investment they make is their home. It's expensive and with the right attention, it can yield a substantial profit. Think of home ownership this way for just a moment. Imagine you had a stock portfolio that you wanted to count on for your retirement. Now what if I told you for a couple of thousand dollars, you could guarantee that the stocks you were saving would go up, as much as 5 or even 10 times the amount your added in? You'd do it right? Home renovations are essentially the same thing. If you pick the right home renovations, you can improve your home's value dramatically.

The first key to home renovations is to make sure your house is up to code, but just barely. If you have faulty plumbing or wiring or a distressed roof, no one will buy the house unless you fix those things first. You need to make sure the house has "good bones". The trouble is, no one will pay you more for "great bones". If these things aren't an issue, don't make them a priority at all when it comes to home renovations.

From there, the next step to home renovations is to use simple cost-effective measures to keep your house up to date and stylish. This can be very simple but yield plenty of profit. This means fresh paint, updated appliances, and fashionable lighting and plumbing fixtures. This is a simple step for any home renovations and usually packs the best bang for your buck. I recommend that you update room every two or three years so that no room is ever more than twelve or fifteen years old, cosmetically.

If you are looking to make a complete gut in your home renovations, consider a few things. Make sure you target the high selling rooms first. This means kitchens and master suites; these are the rooms that buyers care the most about. Also consider making sure you have a finished basement as part of your home renovation. It can increase the value of your house up to 20%!

Finally, don't overdo your home renovations in one or two rooms. Be mindful of the general price range your home and area is capable of. It doesn't make sense to spend $50,000 on a master suite when the sale might only increase by $25,000. Home renovations can improve your home's worth, but it can't replace other considerations like neighborhood and lot location.

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