Fire damage cleanup costs anywhere from $800-$93,000. Updating an investment property is generally a sound strategy – if it’s done the right way. Successful advocates of the fix-it-and-flip-it philosophy are investors , with the investor’s mantra of “buy low, sell high.” So they purchase run-down homes at bargain prices and save money on the repairs by doing most of the work themselves. A little sweat equity goes a long way toward making a real estate investment profitable They carefully choose their remodeling projects,too, focusing on those that will result in the most value for the least amount of effort and cost. Part of the process includes paying attention to the other homes in the neighborhood to avoid over-improving the property. If none of the other houses in the area have crown moldings and Corian counter tops, adding these amenities is unlikely to result in a significantly higher selling price.
Be as cautious about putting in a new kitchen as you would about putting in a new bathroom. If you are renovating a house – then obviously you must change the kitchen. But installing an expensive, new kitchen just to sell your home is unlikely re-pay the expense and bother. For sister show Ask This Old House â€” where a host comes to viewers’ homes for everyday repairs â€” labor and materials are, for the most part, provided free and homeowners are invited to help.
I’ve worked alongside many skilled electricians, plumbers, and trades people and I use my experience and knowledge to help do-it-yourselfers like you with home improvement projects through my YouTube videos and website forum. Whether you want to build a shed, put vinyl siding on your house, replace a window, or any other DIY type project, I’m there to show you how to do it and answer your questions.
This doesn’t mean you shouldn’t do the project. It just means you shouldn’t expect it to add value to your home and should anticipate that your home may be more difficult to sell as a result. For example, while a soundproof music studio might be your dream come true, it won’t be practical for a young family looking for an extra bedroom for their new baby. These types of buyers won’t pay the premium it cost you to build the studio and they may be turned off by it.
Nobody renovates their kitchen, never mind their entire home, in just two weeks. Yet, the home shows on TV can leave us with the impression that renovations can be done either quickly or cheaply or both.Â If you find your the type that likes to compare your house with the glossy mags the home reno reality shows then stop. Turn off the TV and put the magazines away. Now, consider why you want the renovation and what problem it will theoretically fix. Answer these questions and you’ll have a much better idea of what needs to be done and what budget you can afford.