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.
For information on home inspections, commercial property inspections or to locate an inspector in your area, go to www.npiweb.com.
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