In some neighbourhoods, run down properties are present due to being rental incomes while in other neigbbourhoods run down properties could be from estate auctions, foreclosure, or even inherited property. More often than not, in the above situations, when these homes come on the market, the owners want to sell them quickly and get out from under them. This often creates a situation where renovations are necessary when it comes to selling inherited property, or home foreclosures owned by the banks.
Many of these homes have been treated badly by tenants, homeowners, and people who were aged and could not do the upkeep required to keep their homes in pristine condition. When this happens, it is often wise to make the necessary renovations before calling your real estate agent or broker to list your home on the open marketplace.
When you decide to make the changes necessary, the first thing you should do is obtain estimates from licensed contractors in the area. If you are not sure who the contractors are, ask family, friends, co-workers, and your real estate agent for suggestions or referrals.
Ask your real estate agent if they will go through the home with your contractor to work out what is truly necessary to update or repair so that your costs are reasonable, and don’t be afraid to offer to do some of the repairs yourself if you have the talent, as this could save you a load of money. Also, ask if a computer image could be generated so you can see the after picture before the actual work begins.
If you are handling the small renovation projects and repairs, be sure you either know what you are doing, or have researched how to do it correctly before tackling it. If you are at all unsure, let the contractor do it for you, as then it will be done correctly in the first place.