More and more people these days are discovering the great benefits of investing in foreclosed properties. With the sudden surge of foreclosures all throughout United States, the prices of residential properties have dramatically gone down to significantly more affordable rates.
Whether you are planning to purchase one or you have recently acquired a new foreclosed house, investing in a HUD or Real Estate-Owned (REO) property is almost always sold without any repairs or renovation. In other words, you are basically getting what was initially presented to you as these houses are put up for sale and buyers purchase them “as is.” With this in mind, choosing a foreclosed property will most likely require you to perform one or several repairs or renovations.
If you plan to renovate a portion of your new home according to your standard and preference, you must know that renovation projects can be quite expensive. However, it doesn’t necessarily have to cost you a small fortune. Here are some tips to help you improve and change the overall look of your home without breaking the bank:
Have a timeline. Most people are able to determine the start date of the renovation project, but fail to set a deadline or end date. If this is the case, chances are the renovation activity will tend to drag on longer than it normally should, which can potentially result to greater expense. So create a schedule and try stick to it as much as possible.
Maximize the Use of Paints
If your primary purpose for the renovation is to revitalize the look of your newly acquired foreclosed property, paint is your best ally for an instant and inexpensive makeover. If you have not tried DIY-ing a repainting project, experts recommend sticking to two shades, preferably using neutral colors. However, if your budget can accommodate calling in the professionals, by all means, do so.
Focus on Enhancing the Façade
The first thing people will notice when passing by your property is the exterior portion of the house, so you will want to invest more time and effort into enhancing it. A cheaper way to improve the look is to add colorful plants placed at strategic areas of the front portion of the house, if there is ample space available. Consider repainting the gates or fences, as well as trim the grass. A new mailbox is always a stylish addition to any home, too.
Update Your Interior
If you want to improve the look of your interior without it costing you an arm and leg, consider going for the more modern, minimalist look. Instead of curtains, replace it with venetian blinds, which offer a more practical and considerably less expensive window investment. Get rid of clutter and unnecessary trimmings. If you need some design inspiration, you can always check out available interior ideas online.
Make Strategic Kitchen and Bathroom Improvements
These two areas are actually the more expensive parts of the house in terms of renovation. If there are no broken fixtures and you simply want to update the look, then you can consider replacing the tiles or repainting them. Instead of the using shower curtains, replace it with a glass sliding door.
While purchasing a foreclosed property will avail you of significant savings, it is still a considerable investment on your part. If you don’t want to strain your budget with all the renovation work, plan everything in phases, or break the entire work into mini-projects. There are a plethora of DIY tips available online that will provide you innovative ideas on how you can update your home for less