Fixer-Uppers: What To Fix

 


Article by: Steven Gillman

You've bought a house, , Fireplace Design - A Real Burning Issue a fixer-upper you can make some money on. What improvements , Power Tools and HAV - Hand Arm Vibration - Prevention is Better Than Cure and repairs , Fireplace Design - A Real Burning Issue 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 , How To Find A Flat Roof Leak - Infrared Survey was worth $110,000. "We just put $40,000 into remodeling the kitchen! , Hot Tub Cover and Spa Cover Buying Guide " they told me. I looked at the kitchen. , How To Find A Flat Roof Leak - Infrared Survey It was nice. They had added $10,000 in value to the house , Designing with color 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. , The Benefits Of A Hepa Air Filter If you're going to resurface the driveway for $1000, it better raise the value of the home , 6 Mistakes to Avoid When Choosing a Carpet Cleaner 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 , Hardwood Versus Laminate Flooring - The Truth! and improvements , Candles you are considering, and imagine how the house , Carpet Cleaning Tips 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 , Soft Goods Upholstered Furniture on the porch, , Where To Purchase A Camping Air Mattress Of Superior Quality a raked yard , Boost Your Home's Value by Adding a Concrete Garage and trimmed trees , Luxurious, Comfortable and Complete: Transform Your Bathroom - $30 total if you do the work yourself , Luxurious, Comfortable and Complete: Transform Your Bathroom - 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 , Know your Omega juicers fixtures, curtains, new rocks or wood , The Art of Choosing the Right Window Shades Including Roman and Roller Shades for Your Home chips on outdoor paths, , The Benefits Of A Hepa Air Filter new faucets, new woodstain on decks, , Hot Tub Cover and Spa Cover Buying Guide and general cleaning. Stand in front of the house , SMARTEN YOUR INTERIORS and imagine what it might look like with various small improvements , Fireplace Design - A Real Burning Issue (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, , Swimming Pool – The Various Types 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 , Create a Luxurious Laundry Room put up, and for less than $1000 created a new bedroom, probably raising the value of the house , Power Tools and HAV - Hand Arm Vibration - Prevention is Better Than Cure by $8,000. Now that's a good return on investment.

Bathrooms and kitchens , How to Modify Your Landscaping to Protect Your House from Burglars are important. A $1000 updating of a bathroom , Vinyl Decking – Treat Yourself To The Best Deck Around can add $4000 in value to a home. , How To Get A Rebate for Going Solar In California Spend $2000 wisely in the kitchen , Know your Omega juicers (New fridge, re-finish the cupboards, add a garbage disposal, etc.), and you can add $8000 to the sales price of the house. , Boost Your Home's Value by Adding a Concrete Garage Look for changes , 6 Mistakes to Avoid When Choosing a Carpet Cleaner which are most universally valued (don't paint , The Art of Choosing the Right Window Shades Including Roman and Roller Shades for Your Home the kitchen pink , Persian Rug Dealers 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 , The Benefits Of A Hepa Air Filter that can be worth doing. These include adding a carport, new doors, , Central Air Conditioners fences, gazebos, sheds, , How often should I change my vacuum cleaner bag? painting, , Carpet Cleaning Tips carpet, , Hot Tub Cover and Spa Cover Buying Guide benches, , Designing with color a new closet, a new toilet, a new stove, a shower/tub surround, and trees , 6 Mistakes to Avoid When Choosing a Carpet Cleaner 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 , Designing with color he and his wife bought for $17,500, visit http://www.HousesUnderFiftyThousand.com

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