Homereal estate investingRenovations on Flipping Houses

When Good Renovations Go Bad

 

It is common sense to think that if you fix
up your place, maybe add a little more counter space in the kitchen or maybe
another bathroom, you’ll be able to sell your home for more than you bought it
for. And in most cases, you would be right. But in a recent study done by
Remodelling Magazine, there are some renovations that can actually cost you
money and hurt the value of your house.

 

One of the biggest signs in today’s world
that you’ve “made it” is the back yard pool. Maybe no other home improvement
screams to the world that you’ve reached a level of financial security that
you’re comfortable with like a pool. Well, not everyone feels the same way.
Studies done in

Florida

and

Arizona

show that having a pool is still a
big part in building equity in your property. But what about the rest of the
country? How about places where it isn’t warm year-round? It turns out that a
pool can work against you in parts of the country that have four seasons. The
cost of upkeep and insurance are the main turnoffs. But there is one other
turnoff, too. The risks of raising young children in a home that has a pool has
become a red flag for many new parents. The fear of a drowning accident is very
real for many, and the presence of a pool can turn a first-time home buyer away
from your property.

 

Be careful when you try to get too trendy
when you go to remodel. An extremely important point to remember is that while
you may think a special touch is cool and fashionable, the people coming to
look at your house may not think so. And while most remodel touches can be
changed, you may have a hard time talking a prospective buyer into that. If you
are not completely sure that the house you’re living in isn’t going to be the
house you die in, try to make any remodelling touches neutral so that if the
time comes to sell, you won’t regret what you did.

 

A final risk to avoid is the Jacuzzi tub.
While you may have the time to sit in a hot tub for an hour a day, most people
don’t, and most people won’t use it. You would be better off with an elaborate
shower system than a big, fancy bathtub.

For more information on flipping and finding money to buy your flips go to:

www.investingwiththestars.net/alan.htm

Nancy Geils

 

 


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Renovations on Flipping Houses — 7 Comments

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