Below are details on the makeover of a 3-bedroom Townhome prior to going on market. The results were outstanding. Buyers and agents alike complimented us on a great job and a wonderful townhome. The $50k front-end investment resulted in 50 disclosures being downloaded, generated 12 offers and resulted in the final sales price being nearly 18% over list. My take is that sellers receive 2-3 times more in final sales value over the front-end investment.
Kitchen – one of the most viewed pictures that generates interest. We replaced the original tile countertop with light-colored quartz and new sink and faucet. Replaced the original old-style cabinet doors with new shaker style doors and painted the wood cabinets white. Installed new stainless steel appliances. Replaced flooring with wood laminate that matched the living room to make the room appear larger and more flowing. Also added some LED can lights to make it bright.
Living Room – the area where buyers gather most to talk about the home. Tiled the fireplace to make it a dramatic addition to the living room. Installed new wood laminate flooring with cool and light grey tones. Also replaced all electrical outlets and switches to the more contemporary white square versions.
Bathrooms – other top pictures that prospective buyers look at before seeing the home in-person. A high-use area that can show the wear. Similar to kitchen: new quartz countertops and fixtures, replaced old-style cabinet doors and painted cabinets white. New luxury vinyl flooring. New mirrors and lights. Note brush nickel hardware throughout.
Backyard – a nice surprise that is another part of the home to enjoy. Lots of new plants, bark and a good pruning. Stained the wood deck to make it look like new. I held back and didn’t stain the fence.
Garage – lastly, I’m a garage person so I think this is a nice touch. If you have walls, then paint them. Not nice looking floor, then paint it.
My take is that the extensive updating increased the list price by $100,000 on a $1.4M townhome. It also increased how much buyers were willing to go over list price, so improved the upside potential. In any case, the increase in market value is greater than the approximately $40,000 that was invested over $10,000 in basic paint and cleaning. A project like this took us about four weeks to get on market. One week to sell and another four weeks to close escrow.
Compass offers an interest-free, no cost loan that can fund virtually all updating costs. The loan is paid-off out of escrow so virtually no cash required by you. We also have a bridge loan program and lenders that can provide a loan on your next home without having to sell and close escrow on your existing home. Combined with my contractor team, it can be a pretty easy process for you.
Let me know if you would like more information or to discuss the options. Click here to see the finished product.