In the current economic market, property values all over the western world have taken a huge hit. Our properties haven't been appreciating as they did in the past few years, and in fact are depreciating in this tough economy. If you can afford it, it is great time to renovate, contractors are hungry for work and you can get some great deals on supplies.

For renovations, you will need to find a builder. This is not an easy chore, as it is best to get referrals and find out their work history. You can also check online, the trade organizations are filled with members.

Next you will need to get a quote. It is always best to figure out what needs to be done before the quote is made. The quote should be very detailed to minimize any surprises at the end of the job. Be clear on what is included in the price and who will supply the materials. It would be best to get quotes from 2 or 3 different contractors to be safe. Make sure you have a written contract with a timetable that you and the builder agree upon. Put everything in writing no matter how small the detail. If it's not on paper it doesn't exist.

Making payments for the work at prearranged completion stages is important and will inspire the contractor to finish the job in a timely manner. However, the final installment is best paid after the work is completed to your satisfaction.

Here are some percentages you can expect by upgrades to your home:

An extra bedroom +6 percent, an extra bathroom +5 percent, loft conversion +21 percent, no central heating -7 percent, parking +6 percent, and a new kitchen +4 percent. Landscaping can add thousands to the value of your property and is a great return on investment

Some other superficial updates can also add to your home.

- Make sure the yard is well maintained and even landscaped if needed. This will entice the potential buyer into looking at the condition of the inside.

- Clean the windows, spider webs, change the light bulbs if needed. If the entrance is clean and shined, it is more inviting.

- The front door color can be important, so step back and take a look at how the door color affects the overall look of the house.

- Flowers inside and outside the house are always nice for visual and sensory pleasure. Once again pay attention to the colors.

- If needed, a good pressure cleaning on the outside of your home can potentially make your home look like it had a new paint job.

- Ask your friends and neighbors for any advice on the look of your home.

Here are some warnings and final thoughts of the pitfalls of upgrades.

- Make sure it's worth it.

- Always plan for the final invoice to be greater than you first thought.

- Prioritize; some upgrades add more value than others.

- DIY is cheaper but most of the time not better.

- In a slow market, a property which is well insulated and has a new eco-friendly furnace will have the edge over one which doesn't.

- Cleaning away the clutter is key. Buyers want to imagine their stuff in the home, not be over wrought by yours.

- Tell your neighbors about your plans for renovations and their time line. Living with builders can be disruptive, noisy and dirty. Neighbors will appreciate your being upfront.