Now I know that most of us don't quite have the budget that Donald Trump has.  We're not going to be spending $25 million renovating our home.  For now forget all of those zeros and lets look at things conceptually.

Trump purchased a property.  He spent 60% of the properties purchase price on renovations to the property.  It's now listed for sale at 1.89 times the total amount he has spent.  This is an 89% profit.

If you have been wanting to start investing in property the perfect place to start may be with your own home.  Renovations that modernise or improve the livability of your home are also going to add value to it.

You don't even have to sell your home to get access to its improved value.  If your home has increased in value you can refinance to access the equity.  This can then be used to acquire more real estate or for whatever you see fit.

However, if you are renovating with the view of selling it is important to consider what your potential buyer wants in a home.  What type of buyer is attracted to the area your property is located in?  What are the needs of that type of buyer?  What will that type of buyer pay extra for when purchasing?  What type of homes are in short supply in your area?  All of these questions can help you determine the type of renovations that will add the most value.

When renovating for profit the key is to generate as much value for as little cost.  Let's take a look at some ways of improving your homes value and your standard of living:

External Improvements & Landscaping

Your homes external appearence is paramount to its value.  On arrival the outside of your house is the first thing that visitors will see.  I am personally someone that is very big on entrances.  You only get one chance to make a first impression.  Use that chance to blow their minds (see the above image, the front entrance to Donald Trumps Palm Beach House).

Today people are becoming busier and busier.  When thinking about landscaping for your property this should be taken into consideration.  I think I speak for most people when I say that I personally don't like spending my weekends maintaining my home.  Low maintenance lifestyle is a massive selling point for the unit and townhouse market.  This same concept can be effectively employed for a freestanding home.

Install a rainwater tank.  With water restrictions in place in many of our capitals installing a rainwater tank is a great way to add value to your property and keep your gardens looking good. 

Kitchen

The kitchen is a major part of the modern home.  Whenever I have a party or entertain guests people always end up in the kitchen.  No matter how hard you try to herd guests outside, on the deck, by the pool or wherever your party may be, a few minutes later they always end up back in the kitchen.  This is why the open kitchen/living/dining room has become so popular.

Kitchen designers are embracing the kitchen as the hub of the home.  In today's kitchen we are seeing more than just a sink, stove and oven.  Kitchens are being loaded with luxury appliances to improve your efficiency and to entertain.  Espresso coffee machines are becoming more common along with wine storage cabinets.  LG have recently released a fridge with a weather forecaster and USB port mounted in the freezer door and LCD TV mounted in the fridge door.  If you think that is an over the top use of technology in the kitchen Siemens have built an LCD TV into one of their rangehoods.  In one kitchen I have even seen beer dispenser providing cold beer on tap.  

With open plan living the kitchen has become a major part of the home and a major selling point for buyers.  Modernising your kitchen with the view that it will be one of your homes entertaining hotspots is a great way to add value to your home.

Bathroom

Turn your master bathroom into a sanctuary where you can melt away the worries of a stressful day.  If you take a couple in a relationship and add up the total amount of time spent in the bathroom on a daily basis you would be surprised by your findings.  I will admit that I don't spend a massive amount of time in the bathroom compared to my female counterpart.  If neither of you are spending much time in the bathroom this is proof that you need a better bathroom.

Bathrooms need to consider both partners in a relationship.  His and her vanity basins are becoming very popular.  In some instances I have even seen bathrooms with his and her showers and even toilets.  A bathroom should also take into consideration storage needs for female beauty products.  I have yet to come across a standard bathroom that has adequate storage space for my partners make up and beauty products.  I recently installed a set of glass shelves mounted into the wall from floor to ceiling next to our vanity basin.  Even this was not enough.

Forget just water and soap.  While becoming clean is the primary objective when bathing, make this process an experience.  I have seen many bathrooms where an LCD TV has been mounted in the wall with a spa bath below.  What a perfect way to unwind after a hard day.

Kohler are revolutionising the way people shower with their DTV II.  The DTV II is a digital shower experience encompassing soothing music streamed from waterproofed Polk audio speakers.  Above your head sits a LED lit chromatherapy ceiling panel capable of 16 million colors.  This panel can emit soothing soft colors or bright invigorating combinations to suit the music you are streaming.  The shower also comes with a steam nozzle and to complete the experience essential oils such as lavender and jasmine can be dropped into an aromatherapy well creating perhaps the most relaxing shower you have ever had.

Outdoor Living & Entertaining

Covered balconies, decks, patios and pergolas are perfect accompaniments to Australian homes.  With such a spectacular climate to make the most of it you really do need an outdoor living/entertainment area.

In a lot of instances the barbeque plays a big role in the outdoor area of Australian homes.  Some Australians are taking their barbeque area to the next level and incorporating a fully fledged outdoor kitchen.  Included in outdoor kitchens I have even seen wood fired pizza ovens.

A pool really can add to the sale ability and value of a property.  If you don't have the space or if a pool doesn't fit in the budget why not consider a plunge pool or hot tub?  I once rented an apartment solely because it had a terrace with hot tub.  In reality I probably only used the hot tub 6 times in a year but the thought of having one and the fun that it represented weighed heavily on my decision to rent the apartment.

Electronic Automation & Entertainment 

There is literally so much that can be done in this area that we will barely even touch on it today.  This will be the topic of a whole other article.

Electronic automation is something that you don't see in many homes in Australia.  If someone has an electronic gate opener they are miles ahead of most others.  It is however something that can make a home so much more livable.  Today there is almost no limit to what you can do as far as home automation is concerned. 

Keyless entry to a home is an example.  There are a number of systems on the market from smartcard locks to fingerprint recognition making it so much simpler to enter your home.

Home entertainment is a massive selling point for modern homes and media rooms are becoming very desirable.  Why not install a ceiling mounted video projector and drop down projection screen?  You will be surprised at how cheap this can be when you compare it to some of the large LCD and Plasma TV's that are on the market.