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The TopComp Process: A DC Ranch Home from Start to Finish

 

Via TopComp

 

This particular project was one that’s much like many others we’ve done in the past. The home was built in 2007 which meant that everything was still very functional and didn’t NEED to be replaced, however, design trends seem to change relatively quickly, I’d say about every 5-7 years. That means that today’s buyers are looking for something up to the current trends, not just “functional”.

Via TopComp

 

The homeowners had the house on the market on and off for about a year at $829,000, which is a very reasonable price range for a 3377 sq. ft., single level, DC Ranch home in Scottsdale. That being said, they didn’t get a single offer, and process was full of frustration, negative feedback and more open houses than necessary. Enter TopComp: our first appointment with Marty and Lygia was quite straight forward, we discussed their home’s current value which based on current comps we deemed to be $815,000, did a walk-through of the home, captured a 3D rendering with our Matterport camera, and discussed their goals going forward. Like any other homeowner, this was likely one of the biggest investments of their life, and with Marty’s background in finance he saw the potential to capitalize on the TopComp business model.

Via TopComp

 

Shortly after our appointment, we sent out the renderings to our team of contractors, and did a final walk through before work began to finalize details. We set the budget not to exceed $35,000 and our timeline was set to 2 weeks. We began work within the week and first on the check list was to paint the interior. We like to start here and then do any touch ups necessary once new finishes are put in to ensure nothing new stands the chance of getting a little paint splatter. Interior paint took about 2 and a half days. Next up is our demo and rough carpentry specialist whose job on this project mainly entailed replacing cabinet hardware, light fixtures, closing off a wall opening, patching a couple sconce lights, splitting a can light to drop two pendants over the island, and installing new mirrors in bathrooms. During this time, exterior paint was also being done because the home was a bit of a faded and dated yellowish brown so we opted for a greige modern color – approved by the HOA after quickly putting up samples. 

Via TopComp

 

Once the demo and rough carpentry was complete, the tough part started. We chose to refinish all of the cabinetry in the home because again, it was in excellent shape, solid wood, just a dated color. In order to do this correctly and make the cabinets appear to be custom at the end of it, it takes about 6 days, 3 sanders/painters, and everything to be taped off and removed from cabinets. The old tape-and-spray method may work fine in a $300,000 home, but buyers at this price point certainly won’t accept it. Once the cabinets were complete and dry, we had a deep cleaning of the home and carpets done as dust from this sanding process (even though it was done in the garage) can travel, and a clean home is the best way to attract buyers. During this time, the homeowners having young children and a dog chose to take us up on the offer of staying in a hotel, that is paid for up front by TopComp. Next, the new light fixtures, mirrors, and hardware was installed throughout the home, and the staging furniture which we pick out (to save the homeowner the fee of hiring a stager) was scheduled to arrive on a Friday morning, and photography to be completed Friday afternoon. We received proofs by Saturday morning and the home was immediately listed by TopComp at $899,000. 

Via TopComp

 

The open houses we’re busy with no shortage of positive feedback on the new finishes. The only slight downside to this home was that it was adjacent to an interior community road, which in most other cities isn’t a big deal, but for quiet Scottsdale, and a family neighborhood, it’s something to consider. The last time the owners had listed their home, every potential buyer only focused on the “flaws” rather than its’ potential. This is extremely common among buyers, either they’re unwilling, unable, or simply don’t have the vision to update a home. We only had one family even mention the road, and another that couldn’t believe they had walked through this home several months ago before the updates were made. Beautiful updates can truly mask any flaw.

Via TopComp

 

That being said, after a lot of action, we were under contract with an all cash offer at $880,000. During the inspection period, a few small wear and tear requests were made which TopComp also took care of and paid for up front. Our total renovation including the small repairs totaled $30,600. At close of escrow, we simply got paid back for the cost of the renovation, and the happy homeowners made an extra $34,400 which they can now look back at the two-week period as a very profitable time. 

Via TopComp
Via TopComp

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