Charter Oak was a fun and unique remodel in the Cactus Acres area. This neighborhood is full of acre-sized lots and several new builds as well. Having new builds in the neighborhood definitely helps the value when we determine how much to spend on a remodel and the return that the homeowner will get. This home in particular we deemed to be worth $1,000,000 if it was purchased in as-is conditioned. In fact, the homeowner had it on the market previous to contacting TopComp at $1,174,000 with no bites for nearly a year. Because there were homes in the area that had sold for $1,300,000-$2,400,000 varying in size of course, we had quite a large spread for the remodel and significant potential upside for the homeowner. We determined that we’d spend $160,000 on the remodel and then list the home at $1,350,000.
The 9 weeks seemed to fly by and the transformation was extreme. The first week was mainly focused on interior demolition of all the old travertine tile floors, carpet, cabinets, light fixtures, mirrors, countertops, old appliances, and those quirky pop-outs on the fireplaces that were in style 20 years ago. During this time, we also tackled the exterior paint and some minor landscaping. Once the inside was bare, we had the paint crew go through to spray it all down with primer and paint – a job that’s much easier when there’s not tile or cabinets to be protected. The next couple weeks were spent entirely on tile work; because no one can step on floor tile while it gets installed and sets, all the other crews were on stand-by.
Come week 6, the new tile had been installed on the floors and bathrooms were completed. We were eager to get the cabinets installed that we had measured, designed, and ordered a couple weeks back. That week we also measured for glass showers and wine feature, we installed the custom fireplace features, custom range hood, and floating shelves. Next, we installed the new quartz countertops, light fixtures throughout, wall paper, cabinet hardware, wine racks, and mirrors. It was really starting to come together and looking impeccable. The finishing touches came next: we installed all new lightbulbs throughout, did paint touch ups, new outlet covers, door stops, smoke alarms, and professional cleaning. The final few steps are to have the home professionally staged, photographed, and we do a Matterport virtual tour to add to the listing online which is a great tool for out of state buyers.
Along the way we made a few additional improvements that we, along with the homeowners, determined were important at the price point we were listing at. These upgrades included the Ring Video Doorbell, Nest Thermostats, new BBQ and burners, a deep cleaning of the windows, exterior and interior, and a few other improvements. So, we ended up spending $175,000 total, but because of the add-ons, we also determined listing at $1,499,000 was very reasonable with how beautiful the home turned out. We ended up getting several offers shortly after and closed at $1,451,000 making the homeowners an additional $276,000 that they wouldn’t have otherwise made listing the home in as-is condition.
This is an extreme example of what TopComp does, but whether a minor renovation or a full renovation like this one, it always pays to make updates to the home that appeal to TODAY’S buyer’s taste if you want to get the highest price possible for your home. And there’s no easier way than to have TopComp pay for and handle the updates and sale of your home from start to finish.
If you’re interested to know more about how we work, and how much you can net from the sale of your home by updating before listing, please give us a call and schedule a free in-home consultation at 855-235-2667.