Despite some bright spots, the housing market is still in deep trouble. Buy now and your new home could lose value in the short term, adding years to the time it will take to break even, or sell your home for as much as you’d put into it.

That can discourage anyone from buying a home, even at today’s appealing prices.

But there is a way to improve your odds of coming out whole, or even making money. That’s to make some judicious improvements after you buy. This can work especially well if you are capable of doing some work yourself.

The old-fashioned term is “sweat equity” – value created through your own unpaid labor rather than by hiring someone else.

For amateurs, the easiest improvements are things like landscaping and painting. They make the property look better, don’t take years of apprenticeship to learn and are easily remedied if you make a mistake.

Also focus on “curb appeal,” the thinks that make a good first impression. An annual survey by Remodeling magazine finds that window upgrades and new siding offer some of the best value for the buck in resale, since they improve curb appeal.

Complex projects like building additions or redoing kitchens and baths can backfire if the results don’t look professionally done, but they can add lots of value if done right.

What improvements have the biggest payoffs?

In it’s annual study, Remodeling found the biggest return on investment came from adding a wooden deck. In resale, the deck recovered nearly 82 percent of its cost. Next came a siding replacement, recovering nearly 81 percent of its cost.

The most striking thing about the survey results is that not a single improvement adds as much to resale value as it cost. But the survey assumes all the jobs are done by professionals. As a rule of thumb, labor accounts for 50 percent of the cost of a professionally done home improvement. If you can cut the cost in half by doing the work yourself, you have a pretty good chance of adding more value than the project costs.

Given that assumption, the most profitable projects would include adding an attic bedroom, remodeling the basement, bath or kitchen.

Of course, it also pays to start with a house that’s a good deal. Some homes are advertised as fixer-uppers, but that generally means they need lots of work just to be habitable. Many homes sold out of foreclosure or in short sales are good bargains, and not necessarily careworn.

To speed the break even period, you also need to minimize fees and realtor’s commission. Use the BankingMyWay.com search tool to find low-rate mortgages. But be sure to closely question the lenders about closing costs, as these can vary considerably.

For this kind of home purchase, the standard 30-year fixed-rate mortgage is probably best. Payments are lower than on 15-year loans, and you won’t face payment increases, as you could with an adjustable-rate loan. That way you know you won’t have to tap your improvement fund for mortgage payments.

The average 30-year fixed loan charges 5.4 percent, according to the BankingMyWay.com survey, but you can do better. J.P. Morgan Chase (Stock Quote: JPM) has a 30-year deal at 5.125 percent, and Bank of America (Stock Quote: BAC) has one at 5.375 percent.

— For more ways to save, spend, invest and borrow, visit MainStreet.com.