Renovating Your Home For Profit Or Comfort
The economic crisis has been ongoing for two years now
, beginning with the housing bubble burst that occurred in 2009. With thousands upon thousands of foreclosures occurring from the onset of the burst to now, many families and households are losing their homes that they purchased with predatory lending schemes concocted by the banks. The housing market is currently at a low point; however, implementing home renovation projects throughout your home can still improve the asking value for when the market returns and you decide to sell your home. At the very least, these home improvement projects will result in greater comfort for you and your family in the meantime.
One of the main reasons for renovating your home is the perceived improved property value. When you are looking to sell your home, you need to repair all the loose ends so that prospective buyers will be enticed to purchase that home. Even something as minor as carpet or wall stains will deter a buyer from purchasing your home. So, rather than risk losing out on a buyer, you can invest a little bit of money to replace the carpet and repaint the walls. That way, you can even boost the asking price of your home in the first place. Moreover, given the tough housing economy, you dont want any reason for the prospective buyer to reject your home.
Many people flip houses, meaning that they purchase homes for low, renovate them, and then resell them at a much higher value. This is one of the main reasons why home renovation can pay big in the end. People can purchase homes that are in poor conditions and sometimes in poorer neighborhoods, put in the time and effort to improve the home, and sell the home at a price. Any difference in the buying and selling price is pure profit for the individual.
Another reason for home renovation is the increased comfort those living in the home will experience. For instance, improving your kitchen will bring many benefits for your family. They will be able to enjoy all the new modern amenities of the kitchen that a renovation will provide. Plus, when you do decide to sell your home, it will also serve as a selling point. Other projects, including room, bathroom, or even guesthouse additions will also make your home much more comfortable or inviting for you and your family. However, certain projects should be pursued with extreme caution. Additions such as pools or hot tubs should only be implemented if your family is looking to enjoy these amenities. They are a huge monetary and time investment. If you are looking to install these additions for the purpose to increasing your property value, it might not be a wise idea, given that certain buyers are not looking for a home with a pool or a hot tub. It might be seen as an additional burden that they are not looking for. Thus, you might lose out on an otherwise willing buyer.
by: Adam Hampton
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