9 Best Ways to Fix up Foreclosures

Whether you are interested in purchasing foreclosures to fix and flip or live in yourself, you’ll probably have to do some work to make your new purchase shine. Here are nine of the best ways you can spend your time and money:

1. Scope out the neighborhood before renovating:  You want to keep the home within the neighborhood standards and not go overboard. Drive or walk through the neighborhood and look at the other homes, landscaping, etc.
2. Pay attention to the key rooms: Kitchen and bathroom repairs and upgrades are at the top of the list of things to fix on foreclosures. They are the rooms that buyers will look at first and you, as an owner, will use the most.
3. Upgrade mechanics:  Repair, replace, or upgrade the mechanical and electrical systems.  The heating and air conditioning unit, water heater, and plumbing all need to be in good condition.
4. Paint:  Experts always recommend painting walls and trim for a fresh, new look.
5. Refinish floors:  Old hardwood flooring that might be hiding under worn out carpet or laminate is worth refinishing. Wall-to-wall beige carpeting will go a long way to giving things a nice new look and feel.
6. Make cosmetic improvements:  Replace doorknobs, light switch plates, toilet seats, ceiling fans and faucets.
7. Mow the lawn:  A foreclosure with a freshly mowed front yard says welcome, this home is cared for.
8. Wash it: Power washing the siding, deck and patio furniture professionally can really increase curb appeal.
9. Install, repair or clean gutters: Gutters extend the life of the roof, soffits and fascia of a house.

Links:

Upgrade Mechanics

http://www.freeforeclosuredatabase.com/ffd_wp/?p=937

Refinish floors

http://www.thisoldhouse.com/toh/video/0,,20238356,00.html

Soffits and fascia

http://www.hometime.com/howto/projects/siding/side_3.htm