Proper Renovation of a Home

[Shepard Solomon]

Hello,

I wanted to know when I renovate a home what are the best ways to add its value?

What are the main places to renovate?

What are the best materials and appliances to renovate (kitchen, bathroom, bedroom, basement etc.) that are durable and cost effective?

What sites or books can give me detailed information.

Also what is the best way to furnished a home for a profit?

[Greg Behan]

j scott wrote 2 books on this topic that are available through bigger pockets.

As far as what to renovate it totally depends on the house...  We've bought a lot of dated houses so we do almost everything from the roof to the kitchens and bathrooms, to the landscaping.

Every house is going to be a slightly different rehab and some houses will be very involved and some will be very simple.  Kitchens and bathrooms are extremely important but if you find a reo or a house with a great new bathroom or cabinets it may not be cost effective to replace them.  Same goes for a roof... if the house has a newer roof great, if its on its way out, replace it...    People are skeptical when they are looking at purchasing a rehab so it's a fine balance of not skimping out and not overspending.

[J Scott]

The questions you're asking are very general and vague.  It's like deciding you want to be a doctor and asking, "How do I diagnose and heal someone?"  Or asking an accountant, "How do I do someone's taxes?"  Or asking an attorney, "How do I win a trial?"

These aren't things that can be explained in a few paragraphs.  If you want to learn this business, you need to be willing to read, study and ask DETAILED questions when you get stuck -- not just ask the most general questions and expect people to be able to answer in a few paragraphs.

Real estate investing is a business, and just like any other business or career, it takes time to learn.  Start reading here on BiggerPockets, pick up a couple of the BiggerPockets books, start visiting your local Real Estate Investor Associations, etc.

[Manolo D.]

Shepard Solomon I have a little tip but is very common. Copy the comps. :p

[Erin Margaret]

This is a difficult question to answer as previous posters have stated, but I have a particular soft spot for condemned places and I usually use cash. If this is your situation you absolutely must first bring the place up to current code or a new buyer will not be able to finance it. Keep your favorite building inspector on speed dial and go from there. After it is up to code find your comps and copy them. If your are going historic I highly recommend the book 'living in the past' it has some great tips on highlighting relevant design elements and how to re-create ones that have gone missing over the years.