How do you increase the value of your properties?

[JIMMY PASCHALIS]

Hi,

Within a year my goal is to purchase my first property with a partner. He has a background in construction so renovations is an option. What would you say are the best strategies or renovations to increase property value (for ex. renovating the kitchen)? I'd like to have ideas for what to look for in a property that we could fix or change in order to increase property value. The plan is to hold but increase equity so that we can leverage for a second property.

Thank you

Demetri 

[Marcin Ferenc]

@JIMMY PASCHALIS   I tend to look for properties with great bones but that are extremely outdated. This allows you to purchase the property at a significant discount because a lot of people don't want the hassle of a renovation. At that point I pretty much gut the whole place and start from scratch. If you know what you are doing and buy your materials correctly it will not cost too much to fix up an apartment or a small house. This is turn increases your equity position significantly. Again the most important part of this is to purchase correctly. Give yourself the room to force appreciation.