Foreclosed Home Renovations: Don't Bust Your Budget
Home foreclosures are, unfortunately, happening in every part of the country due to the economy but this provides an excellent opportunity for many. Buying a home foreclosure can save you a great deal of money. A foreclosure can come to you in excellent condition or may be in need of repairs. If the home you are interested in "needs repairs," there are many things you can do to renovate and repair without busting your budget.
Paint -- Simply painting the home can dramatically change the looks and appearances. Paint as much as you can yourself for additional costs savings.
Thrift Stores -- You may be amazed at what you can find at local thrift stores, Goodwills, and other resale shops. People donate items of very good quality. You may need to visit the stores several times to find the items you need but the cost savings will be so worth it. Keep and eye out for items that may have small damage or need a coat of paint but that can be spruced up easily and quickly. In larger population areas, many of the thrift stores have 1/2 price days for additional savings.
Yard Sales -- Again, people often sell items at a fraction of new costs and it is worth looking into. Look for community sales to find large numbers of people selling at a time.
Do It Yourself -- Make a list of the renovations you want to do and how many you can do yourself, learn how to do or know a friend who can help you. You'd be surprised at how many tasks seem to be something you can't do but with a little internet research, you may feel confident taking on the task. Be cautions with renovations tasks that require expertise and real skill such as electrical and drywalling.
Habitat for Humanity ReStore -- Check the surplus stores for remodeling supplies at a greatly reduced price. You can find a wide range of items available from doors, trim, sinks, showers, tile, counter tops and more.
Home foreclosures offer an excellent opportunity to start off in a home with equity. Don't be afraid of a little hard work to improve the quality of the home as well as the value. By doing a little homework and shopping, you can find excellent, cost savings ways to greatly improve your home and save even more money. Renovating can be fun and doesn't have to break the bank.
Learn more about buying a Fannie Mae-owned home you can fix up with our "HomePath Renovation Buyer's Guide" at the button below. HomePath eligible homes offer several benefits to the buyer including low down payment and low prices. Learn more about HomePath Renovation and foreclosed home renovations with this free guide.
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