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Home Improvements that Pay You Back Dollar for Dollar
Before you jump into a major do-it-yourself project, or hire contractors to make some improvements or additions to your property, you would be wise to look to the future. If you later decide to sell your house, or borrow against the value of its equity, the types of investments you make in home improvements will be put to the test. If you choose improvements that are proven to add real market value, you will pass the test with flying colors, and get dollar-for-dollar value, or maybe even more, from your projects.
The best areas to improve if you are looking to increase market value in a home are the bathroom and the kitchen. Everyone seems willing to pay more for an updated kitchen, and the more bathrooms you have in a house, the more comfort and convenience you offer to buyers. Concentrate on these areas, and you’ll get good yields. Decks also pay for themselves, if built well and laid out conveniently.
Avoid spending money on such things as swimming pools and interior decorating. Although you may enjoy those projects, others may find them an expensive liability. Insurance companies charge more for homeowner’s policies if a pool is around, because someone could fall into it and have a serious accident. And although one person may really love purple carpet and plaid wallpaper, it could be a nightmare for those with a different style and taste. Stick to the kitchen and bath, and you’ll be investing wisely for future resale value
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Real Estate Investing |
