Though some foreclosures are fine, others are riddled with problems. The previous owners were short on cash and unable to maintain the house, and they also might have been angry and deliberately damaged the house. Whether you plan to live in the foreclosure or sell it, you will need an accurate, objective assessment of its needed repairs. Then you can prioritize and proceed to fix up the house, knowing you aren't making the mistake of choosing cosmetics over a sound structure.
Instructions
1. Hire a licensed professional home inspector; they are worth the fee they charge. Good inspectors uncover everything from faulty electrical grounds to structural issues, and they know the building codes. With an inspector's report in hand, you have an accurate list of what needs fixing immediately and what can wait, and you know what a prospective buyer's inspector will be looking at if you plan to flip the property.
2. Repair structural, plumbing and electrical issues first, because they always cause more serious issues later. Rotting sub-floors, walls that are separating from the ceiling, bulging foundation walls, listing porches that pull on the frame of the house and other problems that threaten the house's structural integrity can lead to bodily injury if something collapses on someone, can cause a buyer to lose thousands of dollars and can lead to lawsuits.
3. Replace the roof if it has less than 10 years of life left; your inspection report will give you an estimate of the roof's life. A new roof makes a good first impression and protects your investment, whether you plan to live in the house or sell it.
4. Decide whether to paint, replace or clean existing siding. Often the siding on a house is fine and needs only a wash.
5. Replace broken and non-functioning windows, and paint the trim to match the rest of the house.
6. Replace dated and worn flooring; dirty carpets lower the value of a home, and no one wants to live with them. Consider inexpensive tile in kitchens and bathrooms, or use use good quality vinyl flooring. Hardwood or laminate floors make a big splash in halls and living rooms. Wall-to-wall carpeting is also always a fast solution for living rooms and bedrooms.
7. Clean or paint kitchen cabinets, as long as they are functional. Add spiffy new hardware.
8. Replace badly dated or worn bathroom fixtures. If they are in good shape, clean them until they shine. Note that pink, green, gold and blue fixtures will look hopelessly dated no matter what you do, so replace them with simple white fixtures that won't quickly go out of style.
9. Paint the interior. Although many people think white is the best color, some buyers might pay more for a house that reflects some design sense by having coordinating fashionable colors in the living room and halls and perhaps in the master bedroom. Paint the trim and doors, if they're grubby looking.
10. Clean up the yard and fertilize it, hang shutters, plant shrubs if there are none, and add a modest- to moderately-priced new front door with a nice window to make an expensive-looking statement. The exterior of a house makes the first and most important impression. If you live in the house, you'll enjoy going home every night. If you decide to sell, it will sell more quickly if you pay attention to curb appeal.
Tags: dated worn, live house, living rooms, plan live, sell will
