I bought a foreclosure, NOW WHAT

Congratulations! You may want to read that again in a few weeks. You may be like thousands of "Happy Homeowners" or not! I bet you got a great price and can't believe the great rate. Congratulations again!

Now it is time to consider how much of the purchase price you saved, is going to be put back into your new property. There are many things to consider, and you need to consider all the possibilities in to be a TRUE LY, Happy Homeowner. Sometimes the degree of "Happy" is directly connected to our sale price down the road as compared to the original purchase price. Still your home is an investment and what you spend on that investment determines the rate of return.

First consider, who is going to reside there, and for how long. This is important because it tells us what the next question is. From this point the questions and the answers change.

The next question is, how extensive is the scope of work? Followed by, what is the budget? And, Which repairs are NECESSARY, and which ones are WISH LIST. Your answer to the previous questions will determine the next steps and so on.

My point is, if you are new to the re-hab world of Real Estate, talk to someone before you jump in, and find you spent thousands you could have saved....my client nightmare stories are scary, and then they hire me to do twice the work I would have originally done. Keep your profit margin high, use professionals!

Having worked in both design and real estate, I've heard nightmares in both realms!