Foreclosure Remodeling Tips to Keep You in the Black
So your bid won out, and you now find yourself with a home that is in desperate need of foreclosure remodeling. Not always, but typically, a home that goes into foreclosure has been ignored on a number of different levels, requiring foreclosure remodeling either before moving in or flipping it for a profit.
This may possibly be your first time buying a foreclosed property, and you want to make sure you don’t end up spending more on the project than you budgeted for or than you can see come back to you as a return. Here are a few tips for keeping you in the black on your foreclosure remodeling.
- Address the major issues from the inspection. Some may try to simply do a quick facelift on a foreclosed property and call it good. However, if there are major structural issues, any other fixes will just be throwing money down the drain until those are taken care of.
- Fix the most important rooms first. Bathrooms and kitchens are the most important rooms to address with foreclosure remodeling because if you will be reselling the home, those are the rooms buyers will look at first. You can update both bathrooms and kitchens relatively inexpensively but still make them look nice. Or, if you are keeping the home, these are places where you can really invest your funds and increase the overall comfort and home value.
- Upgrade the basic systems. New and updated electrical, plumbing or mechanical fixes can make a big difference. Buyers expect these systems to work, so updating them is huge. If you are keeping the home, these things will need to be updated eventually, so doing it while the house is under construction is the best idea for minimizing disruptions.
- Update paint and floors. Painting and flooring are two of the simplest and most inexpensive ways to make a home look better. You will be able to resell faster if the aesthetic is more appealing. If you are keeping the home but don’t have the funds to undertake major projects, this is a surefire way to make the home more livable in the meantime.
Add simple things. Little fixes like windows, doorknobs, a newly mowed lawn and freshly-planted flowers make a huge difference in overall appearance and curb appeal in the home. Plus, these minor things won’t break your bank.