Purchasing a foreclosed property presents a golden opportunity to increase its value through strategic renovations. Whether you plan to flip the home for a quick sale or keep it as an investment property, a well-thought-out renovation plan can work wonders without breaking the bank.
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Getting started with the curb appeal
Enhancing the property’s curb appeal with thoughtful landscaping and power washing the exterior are two low-cost renovation projects that yield significant benefits.
Landscaping not only adds up to 15% to the property’s value but also entices potential buyers or renters to explore the listing further. Meanwhile, power washing gives the home a fresh and well-maintained appearance, leading to a 5% to 10% potential increase in property value.
Repaint the interior
Internally, a simple yet effective renovation technique involves repainting the interior walls. This easy win can double the investment, especially if you’re willing to put in the effort yourself. Even hiring a contractor for this task adds value to the home, making it more appealing to potential buyers or renters.
Upgrade lighting
Another budget-friendly upgrade is modernizing the lighting throughout the house. Simple changes like adding new light fixtures, especially in the kitchen and bathrooms, can breathe new life into the property and create a more contemporary feel.
Spruce up hardware
Updating hardware, particularly cabinet drawer pulls and hinges, is yet another easy remodeling project that adds value to the home. Opting for coordinating finishes in each room contributes to a cohesive and polished look without stretching your budget.
Touch up the kitchen and bathrooms
In the kitchen and bathrooms, which are key selling points, there are a few additional projects to consider. Along with fresh paint, new lighting, and updated hardware, consider updating sink faucets to match the new fixtures for a polished appearance.
Additionally, if the cabinets appear outdated, painting them can be a cost-effective alternative to replacing them entirely.
Undertaking these low-cost renovation projects can significantly increase the appeal and value of your foreclosed property, making it more enticing to potential buyers or renters. With careful planning and strategic investments, you can turn a distressed property into a highly desirable real estate opportunity.
Looking for your next real estate venture? Utilize resources like Bank Foreclosures Sale to explore distressed properties across the country and find the perfect opportunity to remodel and sell.
