Foreclosed homes are often some of the most affordable homes in today’s real estate market, and both homebuyers and investors are attracted to them for their long-term financial benefits. If you recently purchased a foreclosed home or plan to in the near future, you might want to consider adding a few (or all) of the modifications listed below.
One of the benefits of getting a great deal on the purchase price of a foreclosed home is that there may be room in your budget for home improvements. Whether you plan to live in the home, rent it out, or resell in the near future, here are some ideas for enhancing your investment.
Improve Ventilation
Whether it’s heating or air-conditioning that your new home requires, just make sure that you have the right equipment installed to keep your home comfortably warm or cool year-round. When you need to put up your home for sale, you want to be sure that homebuyers coming for a visit won’t feel literally chilled – or boiled – by your home’s reception.
Go Green
It would be a wise choice to add anything to make your home more energy efficient. Adding more windows, for example, would allow more natural light to come in, while installing solar panels could reduce the amount of money you (or the future owner) pay for electricity. Planting more trees in your yard can provide shade for your home, reducing the need to use air-conditioning during the more humid or hotter months of summer.
Is There a Garage?
Homes with their own parking spaces are often more appealing to buyers than homes that can only offer street parking. If the foreclosed property you have purchased comes with a good amount of extra space, consider converting some of it into a garage if one does not exist. A covered garage would be even better because it would increase the safety of your car when stowed away at home. In so doing, you may also get to enjoy lower auto insurance rates at the same time.
How old is the Roof?
Roofs generally last anywhere from 10 to 25 years. If the roof of your new home is nearing its expiration date, it would be a good idea to have it replaced immediately. Although this is likely to be one of the costliest modifications you could make, doing so would greatly reduce the number of safety hazards you have to deal with at home and consequently make it more attractive to homebuyers if you ever put it up on the market again.
Enhance Curb Appeal
Last but not least, do what you can to improve curb appeal for your new home. First impressions always last, and homebuyers are typically inclined to pay more for homes that look beautiful and properly cared for on the outside. Improving your home’s curb appeal does not have to be an expensive project. A fresh coat of paint, new shingles for your window, and some vibrant flowers/landscaping on your front lawn can do wonders.
Although remodeling or renovations will always cost money, rest assured that making the right modifications can enhance the value of your newly purchased home and may lead to a greater profit if you choose to resell it in the future.