Tips for Renovating a Foreclosure

5 Tips for Renovating a Foreclosure

Buying a foreclosure is a great way to get a great deal on a home. The only problem is many times, these homes are considered “distressed” for a reason. Since the bank is going to sell the home “as is”, you’re going to be responsible for making any changes.

If your home needs some major TLC, just follow these 5 renovation tips:

1. Prioritize

Your new home may have so many issues that you don’t know where to start yet — especially when you consider the fact that you just wrote a giant check to cover your closing costs!

Since you can’t afford to get to everything right away (or, you simply may not want to tackle everything all at once), figure out what you absolutely can’t live with. Whether they’re purely cosmetic or safety-related, start with the issues that make your stomach turn — like that mold in the kitchen, the bizarre purple paint in the master bedroom, or that hideous bright green carpet in the living room.

2. Don’t expect a major overhaul — at least, not right away

With all of your other home buying expenses, you may not have the money for a complete bathroom makeover or a brand new kitchen. But that doesn’t mean you have to live with things you hate right now. Instead, start with some budget-friendly changes.

For example, a fresh coat of paint or a brand new bathroom mirror can make a world of difference. As a result, you can make your space a little more livable, while you save up for bigger and better changes down the road. That way, if it takes six months or a year to save up for the overhaul, you’ll be able to spare your sanity in the meantime.

3. Decide what you can and can’t do

Taking on do-it-yourself projects is a great way to stretch your budget even further, but don’t sacrifice the finished product (or your safety) just to save a few bucks. Unless you’re a home improvement veteran, leave things like wiring and plumbing to the professionals. Otherwise, a mistake can cost you a whole lot more than you bargained for!

4. Make wise choices

There are certain dos and don’ts that apply to any home renovation project, and foreclosed homes are no exception. You’ll need to be on the lookout for upgrades that will give you the most return on your investment down the road, when you eventually go to sell the house.

5. Have a timeline

Nothing can drive you nuts faster than a home that is a perpetual construction zone. While it’s not uncommon for construction projects to take a little longer than expected, have an end date for all of your projects in mind. That way, you’ll have some light at the end of the tunnel while contractors are crawling all over your kitchen, while there’s wood dust all over your bathroom, and while the smell of paint drives you batty.

No matter how “distressed” your new home may be, you need to make sure that you don’t become “distressed” by having renovations drag on for months and months!

Tips for Renovating a Foreclosure