A Renovation Transforming an Old Bungalow - Sold 12.5% Over Asking
Getting the most money out of an old, dated property.
When I viewed this property I knew instantly that any "update or fix" to this property would be a waste of time and money. It would only draw the eye to and bring attention to the other deficiencies of the kitchen and it would not increase the value of the property. The saying "It's like putting lipstick on a pig" applied here. Putting a new counter top would have only drawn the eye more to the poor condition of the kitchen cabinets. It was a bungalow built in the early 50's with all original cabinetry, flooring, lighting and counters.The walls were covered in wood paneling.
As a seller in this situation, before deciding on which option to move forward with, you need to answer one very important question: How much do you want to sell the house for? Your answer will determine the investment required to achieve that figure. Option 1 would be to sell as is which means you'll be attracting investors or flippers, essentially not getting the highest return on your investment.
With option 2 you renovate the property so it presents at it’s best, attracting serious buyers who will see the value in the property and willingly pay more.
The seller chose the best option (2) and not only was the real estate agent able to then list it higher, it also sold for 60K over asking price. Once the recommended renovations were complete, we staged this vacant property to highlight the best features in the house and display the lifestyle.
What a great success story!