Renovation

Now we come to the part which is the most expensive (depending upon what you want to do) besides buying the actual house and it is called renovation. It can be many types, the most expensive one is to level the house and build it to your own specifications (if you have the land for it). But short of rebuilding the whole house, you can make some renovations which can be expensive any way you view it. I have seen renovated houses where they spend the same amount of money as their initial house and that to me at least a waste of money. If you really want to spend the same amount of money on renovation as the house you bought then it is better to buy another investment property and earn some money out of it (unless you have so much money that you can afford to do both but I will still advise against it).

The most basic one is to build additional space in the house or expand the house but you can also redo your whole kitchen, bathrooms, bedrooms, basements and even build a pool (although I would rather buy a house with a built in pool then install one myself). There have been many shows before that show renovations in progress and also now with the economy down, instead of buying new houses, people are trying to renovate their houses more and more.