This home was originally purchased by the homeowner in 1983 and when I was first contacted in 2016 to advise the owner on selling the property the home was in mostly original condition. At that time and in its current condition the home was worth approximately $825,000. This home was perfect for a makeover that would allow the owner to capture maximum value and profit on resale. We coordinated with a local contractor who provided a bid for a complete renovation for the property. All new kitchen, bathrooms, flooring, paint, landscaping, and much more was done. The total renovation cost was $160,000. With renovations completed we fully staged the home with modern furniture and listed the home for $1,250,000 thinking that we would get offers up to $1,300,000. The market responded very well when the home was put on the market and in the first weekend we received over 12 offers from buyers. After review of all offers the homeowners sold the home to an all cash buyer for $1,5000,000.
With our expert knowledge and advice this homeowner added over $650,000 to the resale value of their property and realized additional gross profit over $500,000 more than what they would have received had they sold the home in its original pre makeover condition.