Tips for Stress free life > Expert Zone > Home Improvement
Home Improvement Tips
|
| |
|
| |
|
|
Tips for Stress free life > Expert Zone > Home Improvement Home Improvement Tips |
|
|
|
|
Fixer-Uppers: What To Fix
You've bought a house, a fixer-upper you can make some money on. What improvements and repairs should you make? First of all, you need to know this before you buy, as I explained in another article. Before and after you buy, though, you need to have some simple rules with which to start analyzing possible fixes. Return On Investment A young couple was very disappointed when I told them there house was worth $110,000. "We just put $40,000 into remodeling the kitchen!" they told me. I looked at the kitchen. It was nice. They had added $10,000 in value to the house by spending $40,000. This is a classic example of a bad return on investment. With fixer-uppers, you have do things which give the most "bang for the buck." Aim for a three-to-one return on improvements. If you're going to resurface the driveway for $1000, it better raise the value of the home by $3,000. Even when you're just guessing, keep this three-to-one formula in your head, if you want to invest safely. How To Fix A Fixer-Upper With things like new curtains, you can't really estimate the increase in value. What you can do, though, is group together the many small repairs and improvements you are considering, and imagine how the house will look when you are done. Then you can estimate whether you will have increased the value enough to justify the cost. It often is in the small details that you'll get the best return on investment, so look at these first. A new mailbox, flowers on the porch, a raked yard and trimmed trees - $30 total if you do the work yourself - can make a big difference in the first impression potential buyers have. First impressions are important. Other small investments that pay big include shiny new switch covers (less than $1 each), shelves, a birdhouse, new doorknobs, new light fixtures, curtains, new rocks or wood chips on outdoor paths, new faucets, new woodstain on decks, and general cleaning. Stand in front of the house and imagine what it might look like with various small improvements (flowers, wood-rail fence, birdbath, etc.). The Big Fixes Obviously, there are things that just have to be repaired. The basic systems must function. Improvements, though, should be subject to the three-to-one rule. You may have to get creative here. An investor friend of mine once had a wall put up, and for less than $1000 created a new bedroom, probably raising the value of the house by $8,000. Now that's a good return on investment. Bathrooms and kitchens are important. A $1000 updating of a bathroom can add $4000 in value to a home. Spend $2000 wisely in the kitchen (New fridge, re-finish the cupboards, add a garbage disposal, etc.), and you can add $8000 to the sales price of the house. Look for changes which are most universally valued (don't paint the kitchen pink because YOU like that color), and be sure you get a decent return on investment. Depending on the fixer-upper, there are many potential improvements that can be worth doing. These include adding a carport, new doors, fences, gazebos, sheds, painting, carpet, benches, a new closet, a new toilet, a new stove, a shower/tub surround, and trees or bushes. The bottom line is the bottom line: be sure anything you do returns more than you spend, preferably three times as much. Steve Gillman has invested real estate for years. To learn more, and to see a photo of a beautiful house he and his wife bought for $17,500, visit http://www.HousesUnderFiftyThousand.com
MORE RESOURCES:
Benefit From Being Part Of "America'S Most Trusted Company For ... - Franchising.com (press release)
Debt-Relief - Google News |
 |
|
|
RELATED ARTICLES
The Top 10 Mistakes to Avoid When Shopping for a Mattress Buying a new mattress is a daunting task that few relish. The range of prices, features, and stores can make your head spin. Prepare for Winter Before It Arrives Even though we are still enjoying warm weather and winter seems far away, now is a great time to begin preparing. If you do a bit at a time before winter hits the tasks are not at all overwhelming. Dehumidifiers Wring Out Your Home Anyone that has a home office or bedroom in the basement knows how valuable a dehumidifier can be. Without it, the basement would be damp and useless, mold and mildew would grow promoting ill health and insects would have a perfect place to live. Protecting Yourself from Miter Saw Hazards A miter saw, also known as a "chop saw," is a circular saw that is mounted on a frame. It is designed to be portable and to make very accurate angled cuts between 45 and 90 degrees. Why Are There So Many Different Light Bulbs? There are many different types of light bulbs. Each has its own uses and requirements. The Art of Ice Dam Removal You may have noticed long icicles hanging from your gutters and not realize the significance of the damage that may be occurring behind them. Icicles are usually one of the first warning signs of possible ice dams on your roof. Planning Permission Tips Uk - How To Select A Property to Extend or Develop Many people purchasing a property for their main home actually look for a property with a view to extending it. This is a very common theme that I have come across time and time again. Planning Permission Tips UK - Free Design Advice In The UK - How And Where To Get It Isn't it funny how people shelve projects for the new year - perhaps the new year feels like a fresh canvas or something - I don't know. Many potential clients I saw in Q4 of last year our now coming through as confirmed commissions - it's a funny old world with no rhyme or reason. Building a Home Addition Besides providing your home with more living space, a home addition can be a terrific investment. However, before embarking on such a project the homeowner should first consider several important items. Age Old Question: Buy New or Remodel Existing Home? Your house doesn't have enough storage space, bathrooms, or counter space! Not too mention your kitchen is old, small and poorly ventilated. Now you are trying to decide between remodeling your current home to address some of these needs and buying a new bigger home. Tiles are the Foundation Stone for Your Stylish Bathroom! Tiles can increase the value of any home. Ceramic tiles, mosaic tile, floor tile all add an extra quality to your home. The Different Roofing Materials Used for Flatroofs, Their Advantages and Disadvantages The roof has had many different innovations in regards to the materials used to make them. Different designs through the years have made it a necessity to find newer, lightweight and more durable roofing materials. Design Psychology: Beds and Emotional Well-Being The bed represents the beginning and ending of life. In the past, people were conceived, born, and died in the same bed. How To Choose House Style Mailboxes Your mailbox is not simply a receptacle for your mail; itis an extension of your home and a statement of your goodtaste. You can find extraordinary house style mailboxesthat will be a beautiful addition to your outdoor décor. Ceiling Fans - That Dont Require The Ceiling The trend in remodeling homes is to expand the outdoor backyard or patio into a lovely room where you can entertain. It just makes sense to extend your surroundings to be more useful. New Trends in Design & Comfortable Living For the past several years I have seen the emergence of a new trend called 'Lifestyling'. Lifestyling encompasses many elements on gracious living, extravagant and memorable entertaining, architecture, home design, and tips on where to live comfortably in spaces large and small, with less effort or clutter than you can imagine. Heart of the Home It started with my need for a new mixer. OK. Pool Supplies Should Also Contain Safety A swimming pool with attached spa has just been installed in your backyard. Now you are ready to invite your friends for a big splashy pool party - or are you? Do you have all of the pool supplies you need to maintain your new fiberglass pool? Do you have the chemicals, pool toys, covers, automatic cleaners, pool heater, ladders, liners, slides, diving boards and on and on? You can see pool supplies can add up quickly. Kitchen Cabinets are The Soul of Your Kitchen Kitchen cabinets reflect the heart and soul of the homeowner. The cabinets you have in your kitchen have the greatest impact on a kitchen's look. Laminate Flooring is Built for the Twenty First Century The tradition of hardwood floors dates back hundreds of years, their beauty and warmth have downed the halls of castles and brought elegance to many a modern day dining room. Whether it's casual or formal, the natural beauty of hardwood can bring warmth and character to any room and suit any décor.
|
|
You are here |
|
| Home Improvement | Home Improvement - Complete list | |
|
| Main Home | | Meditation Corner | |
|
|
| Recommend us | |
|
[About
us] [Contact] [Privacy
Policy]
Copyright 2006, Meditation
is Easy.com, All
rights reserved
