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The problem is that some home foreclosures are not exactly in pristine condition when you buy them.
In short, you may have a total dump in your hands - something that could cost you significantly more money than you thought you would be spending.
What's worse is you could end up spending money on something that won't do anything for the resale value of the foreclosed home.
So without further ado, here are a couple of repair and renovation tips that will help you sell a foreclosure property faster and at a higher price: Hire a home inspector This is the very first thing you need to do when looking for foreclosed properties.
These guys know where to look for serious damage in a home and will be able to give you an estimate of how much repairs will cost.
It is also worth building up a relationship with a home inspector, as you may find yourself needing his or her services as you browse for homes.
Paint and resurfacing are your best friends No, seriously - paint can do so much for the resale value of a home without costing you an arm and a leg.
This is especially useful for walls and ceilings as you can cover up a lot of blemishes and making everything look nice and clean.
Resurfacing, on the other hand, involves stripping away the old coating of a piece of furniture and then put on a new coat.
This costs a bit more than simply painting the whole thing over but has a much more even bonus to the item's aesthetic appeal.
Check the flooring The floorings of home foreclosures fall into one of two categories: they are either classics that have been covered up with ugly flooring or seriously ugly flooring that needs replacing.
Hardwood floors are an example of the former, and are definitely worth the money spent renovating and making them look good as new.
Simply plywood flooring can be covered up with a neutral carpet for a better overall appeal.
Steam off wallpaper Buyers of newly-renovated foreclosure homes will want to personalize their homes, so it is definitely worth your money to get rid of any existing wallpaper that the previous occupants have put up.
Steaming the wallpaper off will get the job done without putting the wall at risk.
You can then follow up with a coat of neutral paint just in case the buyer is not interested in putting up wallpapers of their own.
Sparkle the kitchens and bathrooms The cleaner and more sparkly kitchens and bathrooms are, the more value you will be able to put on the house.
Buyers can be quickly wowed by a nice, clean tiles and well-polished fixtures, so it is definitely worth your time fixing up these particular portions of the house.
Another tip: you don't need to buy the more expensive fixtures or tiling to get this effect.
Cheap but new is what you want.
Keep these tips in mind, and you'll be able to transform home foreclosures into high-value and fast-selling pieces of property!
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