By Joseph B. Smith
Many government foreclosed homes are in great shape and ready for you to move in. However, many excellent bargains on the foreclosures market require a little bit of work - sometimes only some clean up and paint - to make them look their best. If you have a foreclosure property that needs a little bit of a touch-up, that is actually great news. It means that you can quickly and easily build sweat equity. This means that you can renovate, clean, and repair a few minor things in the foreclosure and actually build the value of the property.
If you have a foreclosure that you would like to repair and clean up a little bit, you will want to spend as little money as possible while creating the most dramatic results possible. While it is possible to spend tens of thousands of dollars on a renovation, it is also possible to spend a fraction of that amount to get the same terrific results. Plus, the less you spend on your renovations, the more profits you will realize because the less you will invest to build your property's value more.
The first step in making your foreclosure look its best is to look for quality, low-cost supplies you can use to make the property look great. You may need molding, for example, or replacement flooring, doors, windows, or appliances for your foreclosure. You can save money on these purchases by looking in classified ads.
Classified ads are filled with low-cost supplies that are in great shape. Rather than paying full retail price, you can save a lot of money by purchasing used items. Some classified ads even feature brand-new building materials that are sold at a fraction of the price of the materials sold in stores. Write down what you need and then write down the specifics of what you need - such as the dimensions of those windows - and start scouring the newspapers. You never know what you'll find.
Another great option is to become friends with a contractor or renovator. These professionals often have access to very good quality used products. For example, a contractor may need to remove cabinets from a home in order to install new cabinets. The homeowner will usually ask the contractor to simply dispose of these cabinets, even if they are still in very good condition. If you know a contractor, he or she may be willing to sell you these items for a very affordable price. Some contractors even give these items away to avoid having to pay for their disposal.
When renovating your government foreclosure, also consider painting or replacing only parts of items. For example, if a wood floor needs some work, consider replacing only a few floorboards rather than the whole floor. You will often still get a great result, but at a fraction of the price. Similarly, if the fridge that came with the government foreclosure works great but has lots of chips, consider re-enameling the fridge. A new coat of enamel paint costs a tiny fraction of the price of a new refrigerator. You'll be amazed at the number of things you can fix simply by repairing or repainting. As an added bonus, you can often paint and repair these items yourself, so you will save money on contractors as well.
Joseph B. Smith has been educating buyers on the finer points of Government Foreclosures at ForeclosureListingsNationWide.com for over five years.
Article Source: http://EzineArticles.com/?expert=Joseph_B._Smith
Renovating Government Foreclosures and Building Sweat Equity - On a Budget
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