$40,000 in Extra Profit for the Owner
We met with the homeowner to understand her goal and gave her an original list price of $360,000 for the home with no updates. This price was based on recently sold comparable properties within the neighborhood in similar conditions and adjusting for the condition of other homes in the neighborhood to arrive at a market price.
After our initial meeting with the homeowner, we performed a thorough market analysis and let her know that the market price for the home after updates would be about $390,000 and in the competitive market, we might sell it for even more than that. We then presented her with the updates it would take to get to that list price and a budget of $10,000 to complete the updates. We listed the home for $390,000 and sold the house with multiple offers for $410,000.
The Premier Design and Remodel Plan
This is a great neighborhood in the East Cobb area. We work in this area quite a bit and we were very familiar with the floorplans, comparables and recent pricing. Since the goal of this project was to update and sell the home for the highest profit for the seller, we recommended the design and remodel updates that would have the greatest return on investment up to but not beyond the point of diminishing returns. The sellers trusted our recommendations and approved the entire budget of $10,000. The updates included:
- Full interior paint
- Painted kitchen cabinets
- Replaced microwave over stove
- Replaced master bathroom flooring
- Replaced master bathroom granite and faucets
- Reglazed showers and added a frameless glass door