One renovation that may add value to a home is an in-law apartment. Even if a homeowner does not have any relatives, an in-law apartment makes wonderful guest accommodations. It is possible to rent it when unoccupied to earn some money. Homeowners who rent out part of a home need to check with their insurance agent to upgrade insurance to accommodate commercial use of a part of the home. Additionally, a person staying in an in-law apartment, who is not a member of the owner's household, may need … [Read more...]

Those who want to renovate a home usually do this to make it more spacious, improve its condition, and to add amenities. However, it is also important to consider if the renovation has the potential to add value to a home. Unless the plan is to live in the same place for life, there is a strong likelihood that, at some point, the home will go on the market for sale. It is nice if it sells for a high price and there is some profit for the seller in the transaction. It is not the amount spent on … [Read more...]