With the economy doing as bad as it is now, a home renovation project is probably the last thing on most people’s minds. Renovation projects can be time consuming, complicated, and above all very pricey. The unstable housing market has led to many people losing money on what they thought would be a solid investment, but people who are using their homes and properties as their ultimate safe investment shouldn’t give up hope. If you want your property to be profitable, your best bet may be doing renovation work.
It’s no secret that renovating a home can help its value. People typically wait until they’re trying to sell their properties to do any kind of renovation work, mainly because they want their homes to sell for as much as they can. Renovation projects can improve the value of your property and help breathe life into old rooms. Just renovating a single room in your home can increase the value. If you keep your renovations practical, noticeable, and inexpensive you can get a considerable ROI on your properties.
- It’s believed that kitchen and bathroom renovations will give you the most bang for your buck, nothing improves a property’s value more than newly installed plumbing fixtures and new kitchen appliances.
- If you want to get good ROI for your renovation work your property appraised before you start any construction work. You’ll start off you project knowing exactly how much your home is currently worth, and that can help you better assess which areas you need to focus on to make your property more profitable.
- No matter what, stick to your set budget during the renovation process. This may seem like it doesn’t need to be stated, but you’d be surprised by how many people ruin their ROI hopes by having their renovation project funds balloon. Come up with a realistic budget and renovation plan, then stick to it through thick and thin.
Before we get into the main focus of this post this statement must be made: there is no such thing as a “sure” investment. Some industries tend to do better than others because of their necessity or popularity, but there is no such thing as a “safe investment”, “sure thing”, or an “always profitable investment”.
Even though the true financial crisis began and ended in 2008, both amateur and professional investors are worried about the stability of their investments. Millions of people saw their retirement funds and 401ks disappear after 2008 and nobody wants to experience that sense of panic and loss again. Economic experts have always expressed the importance of investing in necessities regardless of the current market situation, but the definition of what qualifies as a human necessity has changed over the years. It was already said that there’s no such thing as a 100% safe and steady stock, but there are certain industries that always seem to survive the worst financial panics.
Economists have been arguing over whether or not tech tools (laptops, computers, smart phones) are true necessities for years. It could be argued that computers and smartphones are now a necessity in the lives of many people in developed nations, the modern workplace revolves around these advanced forms of communications technologies. If you want a solid tech investment don’t go for popular OS manufacturers like Apple and Microsoft, invest in tech hardware manufacturers like Intel and Samsung. The iPhone and other popular tech products will eventually lose their popular appeal, but the hardware these devices are made from will always be needed.
Investing in the food industry is a tricky kind of “safe investment”. People will always need to eat, but people won’t walkways have to eat a certain brand. Some people invest in companies like Coca-Cola and Pepsi since they have a considerable market share both at home and abroad. Investing in these food conglomerates can also give investors the added bonus of investing in an array of products by just investing in one company. PepsiCo owns Pepsi, but it also owns Frito-Lay and Tropicana, two large and popular food and beverage manufacturers.
The pharmaceuticals industry has seen some substantial growth in the past few decades, and as medical science continues to advance the industry will only grow stronger. Drug manufacturers are always experimenting with new medications and searching for new ways to use their older medicines, so investors won’t have to worry about there being a lack of innovations and growth. It’s important for pharmaceuticals investors to stay on top of industry news, one clinical trial or FDA study could discover a problem with a new wonder drug and send your stocks plummeting.