You've got a fixer upper home and you can’t wait to make some money out of it. Right now, you are probably thinking, “What kind of improvements can I make to make a significant increase in the property’s value?”
Before that is tackled, here’s a simple run-through of what is defined as a good return on investment. Simply put, you will want to make improvements that will bring in more value than what you paid for the improvement. In other words, getting the most bang out of your buck. For example, by spending $50 in installing new door knobs, the house increases value by at least $200.
Experts will tell you that to qualify as a good ROI, you will need to get at least $2-3 for every dollar that you’ve spent. Not all improvements fetch this kind of return. Some even are worth less.
To get a better feel for what kinds of improvements bring in this much return, ask your real estate agent. More often than not, he or she will tell you that one of the more lucrative improvements are the likes of creating a home office.
Now, more than ever, because of the Internet and mobile connectivity, people are working out of their own homes. However, not all houses are suited to have home offices. And what usually results is a cluttered room (or partition of a room) with perhaps the fax machine sharing desk space with the good china. Not a pleasant picture, isn’t it?
You may think that would cost a lot. All you really need is some imagination and creativity. For less than $1000 you can create a room with its own access area, fit it with some book shelves, create a partition that could serve as a receiving area and install extra power outlets to accommodate office equipment.
The trick is to think like someone who works in a home office. Anticipate the needs of the person who will be using it and work these into the room as its key features.
Rest assured your potential buyers will be glad you thought of this and you will find that they will be more than happy to part with at least an extra $5,000 just because of the home office.
And that is only the beginning. You can do similar improvements to other areas of the house, applying the principle of getting the best returns for your investment. Finishing a good fixer-upper project is great, but the greatest satisfaction lies in knowing you spent little for the profit you’ve gained.
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