Thinking of buying and fixing up a foreclosure? Here are a few things to consider:
*A home inspection is a must. If any issues are extremely pricey or if it sounds like a "money pit," RUN!
* Be careful not to spend too much or you will invest all of your profit in the house. A good idea is to invest in projects that will add twice their cost into the value of the home, such as new floors, door handles, etc. Its
also a great idea to talk to a pro who can look at your home and advise you on the best but least expensive ways to add value.
*You don't need to upgrade beyond neighboring standards.
*Kitchens and bathrooms sell a home. Buyers pay attention to these rooms the most and they are also the most used rooms in a home. Bright, clean remodeled kitchens and bathrooms are great selling points.
*Little things can make a big difference. For example, adding new doorknobs, switch plates, toilet seats, ceiling fans, faucets and cabinet pulls add character and charm, are eye pleasing and create home appeal.
*Paint and flooring can make all the difference. The home will appear much newer and cleaner. Neutral colors are the best choice.
*Add curb appeal. A clean, mowed lawn, a welcome mat, and colorful planter create a welcoming view. Dark mulch adds instant charm.