Renovate to Riches : Buy, Improve, and Flip Houses to Create Wealth

by Mike Dulworth; Teresa Goodwin

• ISBN13: 9780471678571
• ISBN10: 0471678570
• Format: eBook
• Copyright: 2004-05-01
• Publisher: WILEY

Summary

Turn weekend home-improvement projects into big money!Did you know you and your spouse can sell your home every two years and pay no taxes on profits up to $500,000? It's true! In fact, you should think of your home as an investment as much as a place to live. Simple renovations can dramatically increase the value of your home, and you can undertake most of them on your own and in your spare time. Renovate to Riches shows you how to turn your sweat into equity and your home into a moneymaker.Millions of people across America are making their do-it-yourself weekend projects pay off-and you can too. This straightforward guide will show you how to secure financing for your home, accomplish the renovations that add the most value, and get the highest price when you sell. It shows you how to design your own custom plan for creating wealth over five, ten, or even twenty years, and includes detailed case studies that help you avoid common mistakes.Renovate to Riches also includes: An explanation of complicated federal tax codes Tips on finding great homes at bargain prices Advice on financing options Which renovations add the most value Professional guidance on interior design, landscaping, and other home improvement projects Which projects you should be able to handle yourself and which will require a professional contractor How to work with contractors and keep it cheap Practical advice from the experts-real estate agents, brokers and bankers, tax advisors, contractors and carpenters, landscapers, interior and lighting designers, home inspectors, and appraisers Renovate to Riches is not a get-rich-quick scheme. It's a practical, step-by-step guide to building long-term wealth. You don't need the skills of a contractor or the experience of a real estate agent; all you need is a little extra time, a little extra money-and this unbeatable guide.

Author Biography

Husband and wife team Mike Dulworth and Teresa Goodwin have earned hundreds of thousands of dollars renovating homes. Mike is the Managing Director of Executive Development Associates and Teresa is a trained interior designer and independent producer for Second City Communications

Table of Contents

Preface.

Acknowledgments.

1. Introduction.

2. A Gift from Uncle Sam.

3. Creating a Home Renovation Strategy.

4. The Financial Plan.

5. Buy Low, Sell High.

6. Home Financing.

7. Renovations That Add (The Most) Value.

8. Do It Yourself and Save a Huge Amount of Money!

9. Some Thoughts on Interior and Landscape Design.

10. Contractor Management.

Appendix A: IRS Publication 523: Selling Your Home.

Appendix B: A Guide for Healthier Home Remodeling.

Appendix C: AIA Document A101-1997: Standard Form of Agreement between Owner and Contractor.

Appendix D: Upgrade or Install an Irrigation System.

Recommended Resources.

Index.