Foreclosure properties provide new opportunities for home buyers, whether it is for first-time home buyers, home buyers looking for a bigger home or second-home buyers purchasing a vacation home.
There are many improvements and repairs necessary when preparing a foreclosure property. Here are some key areas:
- Exterior Paint: Peeling paint is one of the most common problems associated with foreclosure properties. Refreshing the exterior paint as a first step helps attract the interest of renters and buyers to the outside of the home while repairs inside the home are still being completed.
- Landscaping: Foreclosure properties may have overgrown lawn, trees and shrubs. A clean and updated landscape can add curb appeal to the property.
- Plumbing: Repair leaky faucets and worn parts. Check and repair clogged drains in the bathrooms and kitchen.
- Interior walls: Chipped paint and ripped wallpaper are common in foreclosure properties. Removing wallpaper and repainting the interior a neutral color increases the home's appeal.
Most foreclosure homes are sold without a seller's disclosure document. Any history or problems associated with the home are unknown. A property inspector can help pinpoint areas of concern and supply you with essential information regarding the home.