There are a few ways to make money when purchasing a foreclosed home. You can fix it up and sell it on, or rent it out for a long term investment. Either route you choose, chances are, the foreclosed property you have bought will need a significant amount of work done to it.
If you are refurbishing a property for re-sale, there are a few things you need to consider. If you are fairly new to foreclosure investing, you should stay away from properties that have structural damage. These will require a lot of money to make right again and are difficult to make a profit. Leave those to the more experienced. You need to approach your refurbishment with idea of how to best put money in. You want to put the least amount of cash in for a maximum return.
Once you have your property, take a look at the outside. Depending on where in the country you live and the time of year, you may want to start on the outside garden. Plants take time to grow, so starting here first will help ensure it will be ready by the time you are ready to sell. You might be able to get away with basic maintenance. Cutting the grass, removing dead plants and doing some pruning can put a new face on nearly every garden. When the weather permits, some new plants and flowers are a nice added touch. You will have to continually maintain this garden until you sell so it is best to start early.
Once the outside lawn and garden are starting to take shape, consider painting the outside of the house. A fresh coat of paint can bring back nearly any home making it look nearly new. Make sure the house color you choose blends in with the other houses on the street. You want your house to be noticed but you don’t want it to be an eyesore.
By fixing up the outside of your home, you are giving it that curb appeal that so many desire. The outside is the first thing that potential buyers will see before they walk through the front door. Gets this looking good and your chances of getting it sold will greatly increase.