DDRE – Transforming a Well Worn Rental Home to a Stunning Sale

One of the most rewarding aspects of our work is getting great results for our clients. This often means a great sale price of course, however one of the biggest factors contributing to the result is the presentation of the home we’re selling.

In this example our client was an estate and the home in question had been a rental for 15 years, same tenant. This presented some challenges for the sale of the home. The home hadn’t been updated in all those years and a massive amount of wear and tear has taken place.

The comparable properties came in at about $750,000 for recent sales of updated homes in the area but this home, in “as-is” condition would likely fetch about $650,000. The estate’s administrator wanted to maximize the sale price (naturally) for the beneficiaries but didn’t have the resources to make positive changes to the property.

We first evaluated the overall condition of the home by ordering pest and home inspections. This gives us a foundational understanding of the homes condition. Next we looked closely at the likely demographic of the buyers for the neighborhood. Understanding the likely buyer provides some steering for the type of updates. Combining these data points with a review of comparable homes we were ready for action.

The estate didn’t have any funds for the repairs or updates so we provided the needed resources through our GTM program. Using our network of trusted vendors and suppliers we went to work transforming the home. First thing we took care of any safety items the inspections revealed then we went to work on the aesthetics. Knowing that budget was limited, refresh cost versus sales price had to be considered in our approach. Paint and flooring are the number one and two updates that can transform a home. We worked with our painting team to create a custom wall color to accent our new flooring choices. This home was built in the mid 80’s and had an acoustic (popcorn) ceiling that we wanted to remove to make the home feel more modern. As you can see from the photos the before and after transformation is dramatic.

In the first example, the living room, you’ll see wall and ceiling paint, new carpeting, removal of dated window coverings and the fireplace has been painted. Also professional staging and photography was employed to make the home show well on the web and even better in person.

The kitchen was a major concern in that the appliances were barely functional and the surfaces well worn. Since the likely buyers of this home would be a family and not an investor we wanted to take care of the kitchen and make it more than liveable.

We already were painting the entire interior of the home so that was taken care of but the kitchen floor was beyond serviceable. Working with our flooring contractor we found a very affordable long wearing solution that looked great. Appliances were replaced all around as was the main sink faucet. Cabinets repainted and new hardware installed.

As we do with all of our listings the home was deep cleaned top to bottom which revealed the kitchen counter tile to be in great shape. Though the modern standard is stone counter tops the fact this tile was in great condition, leaving it in place was a budget friendly decision.

We touched all the rooms in the house with a similar approach and enhancements such as new faucets, hardware and vanity paint in both bathrooms. New closet doors in all the bedrooms. New door hardware throughout. Even new HVAC registers in the rooms. These targeted, cost effective changes combined to create a beautiful aethstetic.

All in the whole house refresh cost $35,000 (including professional staging). This investment got our final sale price to $820,000. A difference of $170,000 !!! We were thrilled with the results and naturally the client was over the moon. We hope this example of a modest refresh of a home shows how easily you can dramatically transform its appeal and value. In the end a family of four purchased their first home in a very competitive market.

A very happy beginning!

For a more analytical look and a direct results comparison check out Should I Fix Before I Sell