Consider purchasing a foreclosure for under $25,000 dollars in a solid neighborhood close to transportation, shopping, schools and community support agencies. This combination is not hard to find. Surprisingly, there are areas like this all over Philadelphia. Focus on life safety and comfort repairs that will bring the property up to standard. New heating systems, roofing, electrical systems are critical components. These items will most definitely be inspected during a home inspection. Build future equity into the property with a new kitchen and bathroom. Standard bath fixtures are economically priced. Be creative. There are a variety of suppliers offering discounted pricing on cabinets and counter tops and appliances. Focus on accessory components such as closet space and basements. Basements don’t necessarily have to be finished but they should be clean neat,dry and mold free. Washer and dryer hook ups are also a nice touch and a reasonable budget item. Be careful to assess the door opening widths to the basement to be sure equipment has adequate clearance. Keep it simple. In today’s market less is more. Some investors make the common mistake of over renovating, selecting products based on their personal likes and dislikes. This is not advisable. Don’t over do it. A newly renovated home need only be clean, have good craftsmanship and quality products to attract buyers. If there is an overwhelming impulse to get fancy, relegate purchases to finish items such flooring and paint. Especially paint, using two colors and accenting wood trim is a proven technique that creates elegance. There are also trim package alternatives that are very useful. Work in the range of the target buyers. Think family, comfort and stability for the buyer.
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