With interest rates low, now is the time to buy a fixer-upper or rental home if you are confident about the stability of your present job. There's a lot of opportunity to win big in the market when the economy turns around.
Once you select your target home and complete the purchase, you'll want to work on making improvements which add to the value of the home and bring aesthetics up to a state which will appeal to a class of buyers within your target price range.
Kitchens and baths are two places to invest some remodeling dollars. Those shopping for houses want a tasteful, modern look - not avocado green. Countertops are relatively inexpensive to replace, and laminate is much more warm and realistic-looking than it was ten years ago. Consider spending some time to clean wooden cupboards thoroughly with an oil-based soap to remove grime and replace knobs and drawer pulls for a fresh look. The sink may be another place to invest some money, as sinks can easily show wear, grime buildup and scratches which make them look old.
When you move on to the bathroom, consider re-caulking around the tub and toilet areas. Over time these areas darken with age and can show mold or mildew. Light colors look good in small spaces like bathrooms, so take a look at your paint while you consider swapping out the light bulbs to something with a bright white cast.
If you think you'll have the house for awhile before you sell it, consider making reflective insulation your first chore. It would be great to be able to show a reduction in energy consumption as a result of installing energy-efficient reflective insulation. You can use that as a selling point to help counter any questions about how well the home might be protected against seasonal weather changes. While not the only factor in whether or not you save money on your energy bill, the presence of reflective insulation can greatly help block the transfer of radiant heat to cooler spaces.
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