Homes can be great investments themselves but people forget that parts of the home can be investments for as long as you own that home and often longer. There are many ways to turn everyday features of your home into income generating assets (appreciating assets) and often they are things that you will need to buy anyway. It is all about being smart about how you structure your home and how you shop for it. Here are some things you can invest in for your home that will make it a money maker for life.
It would be super easy to cover the walls of your home with cheap re-prints or canvases from IKEA. It'll look kinda nice but worth nothing once hung. Or you could invest in art for your home the way that you would shop for an investment: With care, insight and precision.
Take a trip to your local galleries and find out what is hot. Befriend dealers of those galleries and get their opinion on pieces that are seen as "up and comers." Drop by local and national galleries and find out what they are buying and what has momentum. Start collecting pieces that not only make your heart go thump but also have experts' approval. It'll pay off in the long run: art is a new currency for the super wealthy. Make sure everything on your walls is making you money -- and making you happy when you walk by them.
Buying good quality furniture or a smattering of antiques can make money for your home in the long run. Get a new chair but find a cool antique desk that will not only make your office eclectic but will also appreciate over time. I find that the best deals on antiques are WAY out of the big cities in rural areas. Borrow a van so that you can hall it back after your shopping victories. You'll be like Ceaser in your chariot returning to Rome with a great find.
I LOVE my Persian rugs. Not only can I spill 800 martinis on them and they wipe clean but they are warm, classic, attention-grabbing and beautiful. Find the best Persian rug dealer in your area, pay cash and buy as many as you can for all over your place. They will do nothing but appreciate as you tip toe over them year after year. If you move you should be able to even trade them for different colours or sizes to suit your new place.
Rent Out Your Basement / A Room
If you have a basement it needs to be an income property. Think of how often you go down to dump boxes, do laundry or get frozen chicken nuggets from your second freezer down there. Wouldn't you rather a sweet fat cheque every month instead? Yes, you would. Over years and years that rental cheque will more than pay back the renovation costs, pay back your mortgage and make your overall property more valuable.
If you live in a smaller home think of how you can add value to your place. Can you add a bedroom or bathroom? Expand the kitchen to add a living room. Make a super awesome kitchen? Be sure to see how you can make some small renovations but add big value to your home when you go to sell it.
Garages and Sheds
Do you use your garage or shed? Could you rent it out for parking or as someone's studio? It's amazing how many artists would pay for a place that they just need to practice music in or make some kind of art. If you have the space why not make some extra money renting it out? If you have a bigger garden or extra land, rent it out and let someone grow plants.
Be sure to make every square inch of wall, floor and land make you money for the rest of your life.
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