Renovating Your Fixer Upper Houses To Save Money At A Profit
Renovations can be expensive, but if you’re savvy, you can simultaneously cut costs and expand profit. Doing so is, as many things in life, easier to conceive than achieve. But it’s certainly not impossible. Following we’ll briefly explore ten tips to help you save money on home renovation, and perhaps even stimulate profit over the long-run.
A tiny home is going to be under 400 square feet. That’s a room twenty feet on a side. Basically, it’s a shed. But if you outfit that shed like a “tiny home”, you can rent it out. Here’s the kicker: you can build one for between $500 and $12,000. If you don’t believe that, think about this: what if you bought an old storage container and reinforced it with household materials?
In fact, you can probably find at least two good-sized, structurally-sound storage containers and stack them atop one another, or link them together side by side, using rented cutting equipment to install windows, doorways, or stairways. Then you insulate the space, paint it, decorate it, put in a gravel path to the alley out back, and voila! You’ve got a guest house for your mother-in-law, or something you can rent out every month.
Do it for under $12k, rent it for $500 a month, in two years you’re profiting. Make it nice enough inside, you can charge $1k for rent, get the cost paid off in a year, and profit from then on. Or, you could just make a shed for general purposes. The point is, maximize your backyard.
China is making cut-rate solar panels that will only last five years, but which you may be able to acquire for under a dollar a Watt. Generally, solar panels in the U.S. right now are at minimum $1 per Watt. That means a 100-Watt panel is $100. A 3.1, kWh (kilo-Watt hour) energy array is accordingly $3,100 at minimum, up to twice that depending on panel quality.
Factor in about another $1,900 for mounting brackets, cords, energy storage arrays, surge controllers, and power inverters. Altogether, for $5k you can DIY-install a pretty effective solar array. This will likely net you a tax break, and increase property value by a factor of between $10k and $20k. Other eco-options exist as well, and you save money on your utility bill.
Unfinished basements and attics are part of your home. You can use them as workshops, for storage, as little theaters, reading rooms, observatories, additional bedrooms, “man caves” (just installing proper lighting and tv wall mounts) . But leaving unused space alone is a great way to waste the resources you have available.
DIY work can be very cost-effective, as the majority of expenses involved in renovation have to do with contracted cost associated with the upgrades. That is to say: you have to hire people to do the work. But a lot of construction is simply a matter of fastening part A to part B in reference to whatever blueprint you’re using. In a nutshell, it’s “big boy” Legos.
Look at a DIY deck as a project to help you get your head around this. You can find schematics online for free, read them, determine your home’s dimensions,…