4 Tips to Flip a Foreclosed Home on a Budget

When you are buying a foreclosed property, here are some things to consider: 

• Hire a top realtor to help you through the process
• Know your budget and be prepared to walk away if the asking price goes above it
• Take note of all the repairs the house needs and make sure this fits into your budget
• Check for any liens that may stick with the property if you purchase it

Working with a top Calgary realtor is the best way to ensure a successful purchase. Your agent will be able to answer any questions about the process and help you understand the particulars of purchasing a foreclosure, so that you’ll get the best deal possible. 

Our Calgary Realtors Can Make the Home Buying Process Easy 

Don’t know the difference between a judicial sale or bank owned foreclosure? Are you having difficulty negotiating a price for your new home? At Mel Star, our team takes care of all the big and small details, so you can focus on what matters most: investing in your financial future and finding a dream home to call your own.

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4 Tips to Fix Up a Foreclosure Without Breaking the Bank 

Are you thinking about investing in a foreclosed home? Often, these homes are in need of a little TLC — after all, the owners couldn’t make their mortgage payments, which means they likely weren’t keeping the property in the best condition either. 

Here are some tips on how to fix up a foreclosed home without going over your budget: 

1. Look for Any Red Flags 

Before signing on the dotted line, you must hire a home inspector to give your potential new home a thorough inspection. While this can cost a little bit of money, it is well worth the price if the evaluation uncovers any major structural issue or other pricey issues. 

Remember: If the problem sounds like a money pit, then it probably is. Discuss the issues with your realtor and they can help determine if this purchase is right for you. 

2. Give the Important Rooms an Upgrade 

Some of the rooms buyers look at first include the kitchen and the bathroom, and these are the rooms you should focus more on when upgrading a foreclosed home. What upgrades you make and how much you spend will depend largely on your budget and the market, but make sure to create bright, clean, and family-friendly spaces. 

3. Have Money Set Aside and a Financial Plan Ready

Some foreclosed homes really only need cosmetic work, which means a fresh coat of paint, new carpets, minor repairs, and a good cleaning. While this may sound simple enough, it is still a lot of work and will cost you quite a bit of money. Make sure you have a plan on how you will handle these expenses. 

Top Tip: If you are planning on investing in a foreclosed home, make sure you save enough money to cover any repairs the home might require. 

4. Spend Some Money on the Little Details 

In many cases, big ticket items such as new windows generally don’t pay off when you are flipping a foreclosure, but don’t underestimate the effect of inexpensive cosmetic improvements! For example, you might want to: 

• Purchase new doorknobs
• Switch out the toilet seats
• Upgrade ceiling fans, faucets, and cabinet pulls

These are simple and inexpensive upgrades that will increase the value of the home exponentially. Just make sure that all of these upgrades are completed before you put up the "For Sale" sign. 

Contact Us

At Mel Star, our team of top Calgary realtors have sold thousands of foreclosed properties, so we understand the ins and outs of this complex process. We are happy to help you navigate this situation as smoothly and successfully as possible, ensuring you get the best price for your dream home. 

To find out more, contact us at (403) 284-6333 or fill in our contact form.