When you purchase a repossessed house, it can be assumed that some kind of renovation and repairs will have to take place before the property is in a good living or selling condition.
Remember that the house was repossessed because of the previous owner’s debt – this means that they likely weren’t in a financial position to maintain the property to any high standard. Additionally, these houses are sold “voetstoets” (as is), so the organisation taking care of selling the foreclosed home will not have made any repairs or renovations before selling the property.
When buying a repossessed house you will be getting a good deal, but don’t forget that you will likely need to spend some money on renovation and repairs to maximise the property’s full profit potential. To help you along, there are 7 tips for renovating.
Tip#1: Do some D.I.Y
If the work required is minimal, you can choose to do the work yourself rather than hiring out a contractor. First assess the work that needs to be done and decide how confident you are to do it yourself. If you are unsure about any of the work it is best to hire a professional to avoid incurring additional repair costs at a later stage for work that you were not able to do well.
Know your own limitations and avoid projects for which you have no knowledge or experience.
Tip#2: Hire some help
If you don’t have the time to make renovations and repairs yourself, or if you don’t feel confident doing it D.I.Y, find a professional to do the work for you.
They can also give you good advice as to the repair and renovations you should make and how to go about each project. Be sure to do your research to find an experienced contractor who has had experience with foreclosed homes. Shop around for quotes so that you can ensure you are getting a good deal.
Another advantage of working with a professional is that they can refer you to other skilled workers who can provide good services at reasonable prices.
Tip#3: Do your research
The Internet has a wealth of knowledge to help you use your money efficiently and find the latest and greatest home renovation techniques and technologies.
Look for renovation options that will save you money in the long run, rather than window-dressing and quick-fix options. The Internet is also a good resource for finding supplies and materials. Rather than trekking to the hardware shop and loading heavy materials yourself, many online vendors offer delivery options.
Tip#4: Set a timeline
As with anything, time is money!
It is important to set some realistic renovation and repair dates, including the start date and end date of the project. Without timing goals, the renovation could take a lot longer and actually cost you more money than if it was completed quickly and efficiently.
Work out what tasks need to be done, in what order they should be done, and how long each will take. Map these tasks out with deadlines for each, sticking to these deadlines as closely as possible.
Tip#5: Paint is your ally
One of the most cost-effective ways of revitalizing your repossessed home is with a fresh lick of paint. Painting can also be done relatively easily as a D.I.Y project for an inexpensive and almost instant home makeover.
If you are painting the property yourself, it is recommended that you choose neutral colours.
Tip#6: Beautiful on the inside
To improve the interior of the repossessed home in a cost-effective manner, consider using a minimalist, modern look. Some of the ways of doing this include using venetian blinds instead of curtains, and ridding the home of any unnecessary embellishments or clutter.
Tip#7: Prioritize
There are likely a number of areas of the foreclosed home that you would like to improve. However, you will need to be realistic about your budget and time frame and prioritize these tasks and projects accordingly.
Before beginning any work on the home, conduct a thorough inspection and list all the things you would like to change. Then, put these tasks in order of priority and estimate how long each project will take and how much money each project will cost. You can then assess how many tasks you can realistically complete.