Getting an REO property sold can be a challenge. The goal is to get it off the books of the lender that owns it quickly, as no bank wants to be in the business of property ownership or management. Unfortunately, many of these homes were foreclosure properties, which meant that not only did the homeowner not pay their mortgage, they probably couldn’t afford the necessary repairs as well. Consider REO interior upgrades as an option for moving your property quickly.
It’s important to understand, however, that some repairs are more necessary than others, to get those homes sold quickly and at a high dollar value. Let’s look at five inside repairs, renovations and the REO upgrades that are necessary for sale which will provide the best return on your investment. Additionally, we’ll talk about where to find an REO service to take care of your Frederick, Annapolis or Hagerstown properties.
REO Interior Upgrades
Fixing up the exterior of the home is, of course, vital to a fast sale. Curb appeal is everything, so cleaning up the yard and garden, trimming hedges, removing weeds, and a coat of paint outside is essential. REO interior upgrades, however, are just as important. Once people are in the door the house has to look just as good inside as out.
A Coat of Paint
A coat of paint goes a long way towards making your property sale-able, and it’s a very easy and inexpensive repair to do. When you re-paint, go with light colors or neutral colors. The idea is to remove any elements of style imparted by the previous owners, and present a blank canvas that the buyers can turn into their own space.
Kitchen Updates
The kitchen is one of the two rooms in the house with the biggest return on investment for upgrades. People want new appliances, tons of room, and great storage. You don’t need to completely overhaul the kitchen—be cost-conscious. Add some extra shelving or cabinets to increase storage. Change the countertops and update the lighting fixtures. Appliances do not need to be top-of-the-line, but they should be newer and functional.
Bathroom Updates
The other important room for ROI in your REO property is the bathroom. Make sure it’s clean, the paint is fresh, the tiles in good repair, and everything working. New guts and seating on the toilet cost under $50, and you can even put in a whole new toilet, sink, lighting and tub fixtures for a few hundred dollars each.
Lighting Updates
We’ve talked about lighting in the kitchen and bathroom, but really, lighting is important throughout the house. Update all the fixtures and maximize lit areas to minimize deep shadows. There are tons of inexpensive options available to make a home look bright, warm and inviting just by adding a bit of extra light.
Flooring
Hardwood floors are very popular these days, and many homes have them underneath the old carpet. Tearing up the carpet and refinishing those floors can be a bit costly, but it’s also a great way to add return on your investment. If the floors are beyond an easy finish, there are laminate options that replicate the look for less of a cost.
Hiring an REO Management Company
When the time comes for you to perform REO interior upgrades in Annapolis, Frederick and Hagerstown, First Freedom Preservation is here to help. We provide a full range of REO management services including lawn and interior upgrades to get your property repaired and sold quickly. Get in touch for more information today.
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