Transforming Bank Foreclosed House and Lot Properties into Homes

Foreclosed houses and lots for sale offer a lot of potential for savvy homebuyers. These types of properties are typically cheaper than traditionally listed houses, but they’ll often require some upgrades and renovations to turn them into dream homes.

The process of foreclosure in the Philippines can be quite long and complicated, which means some of these foreclosed assets may not have been maintained for quite some time. So, while you may be getting a good deal on the property’s cost, you may need to prepare yourself for the additional expenses that are needed to transform this foreclosed property into a home.

Prepare Yourself

When you’re thinking about buying a foreclosed property, you also have to prepare yourself for the work that comes with it. Foreclosed properties may need a lot of TLC when you first acquire them. The due diligence, bidding, and payment process is just the beginning of your journey. The next step is putting in the time and effort to transform your property into a home.

If you’ve seen the house and lot before you purchased it then, you should already know what to expect. However, if you didn’t conduct a home visit before buying it, you may be surprised to find that your new property may not be in the best condition.

Ask for Help

Remember that you don’t have to go through the task of renovating your foreclosed house and lot by yourself. You can ask for help from friends, family, and professionals to make this job lighter. Having a support system and a team of experts ready will make this task much easier. 

We recommend that you ask professionals to go through the home with you so they can give you an estimate of how much it will cost to renovate the house. While they’re there, you can also ask which issues should be immediately addressed before you can start with renovations. 

Set a Budget 

If you’ve consulted with professionals about the amount of work that needs to be done on your property, you should have an estimate of how much it will cost to renovate the entire property. Repairs, renovations, and upgrades can rack up quite a bill. So, if you think that you may need more funds to cover these costs, you may want to consider applying for a home loan. 

We recommend that you look at what different financial institutions can offer you. Take advantage of the online resources available to get a picture of the lending institutions’ terms. Once you’ve chosen the right bank for you, you can file your application. Some banks even make home applications more convenient by offering online loan applications just like RCBC’s home loan.

Prioritize Your Upgrades

Remember that foreclosed homes are cheaper these properties have fallen into disrepair during the foreclosure process. So, you’ll likely need to make the necessary repairs before you can renovate and upgrade the property. 

One tip that you should remember is that you don’t need to renovate the entire property in one go. You can choose to prioritize certain renovations and upgrades so it’s not as heavy on your finances. We recommend that you start with the most important parts of your property first. This means making sure that any structural, electrical, or plumbing issues are resolved before you begin cosmetic upgrades.

Find a Team 

In projects like home renovations, you must find a team that you can trust. If the construction team you hired isn’t adhering to the project deadline, your renovation can cost a lot more money because of labor. This is why we recommend that you find a team that you can rely on. You can also hire a professional to manage the renovation for you if you’re too busy or if you’re inexperienced.

Be Patient

Renovating a bank foreclosed house and lot is a large undertaking. From finding the right foreclosed property to renovating it, it may take a long time before you get your dream home. Just try to be patient with the process and set your sights on the finish line. 

If you’re ready to commit to finding and building your home, you can start by looking through RCBC’s foreclosed properties. Once you’ve found the house and lot you want, you can secure the funding to buy it and renovate it with RCBC’s home loans. With RCBC at your side, your dream home is within reach.