Just Sold in Gray’s Pointe
When I first toured 12907-A Lee Jackson Memorial Highway in the Fairfax community of Gray’s Pointe, it was clear that the seller had two options. Sell strictly as-is with no improvement and let the market bear out whatever it would bring. To be blunt, it had electrical issues, broken appliances, old cabinets that were falling apart, pet urine stained floors and drywall and many unfinished decor products. My guess was that the market would probably yield an investor willing to renovate, but needing to reserve their profit market. As-is the seller would be lucky to get $150,000. The other option was to renovate the condo completely.
When the seller realized that the profit worth having goes to those willing to take on the renovation risk, we got two quotes on fixing up the place. One with a service that could be paid at closing. The other with a private contractor that needed payment up front. The savings in going with the private contractor was $20,000. The choice was easy. Hire the private contractor and get the renovation done.
Virtually everything in the one bedroom condo was replaced except the bathtub. Soft close, white shaker cabinets, granite counters, tile backsplash, under cabinet lighting and stainless steel appliances, along with newly wired GFCI outlets and bright LED lights brought the kitchen to life.
Sparkling quartz atop a new vanity with LED lights, freshly tiled shower, new toilet, fixtures, medicine cabinet and mirror made what was formerly the most challenged room in the home absolutely delightful. New drywall replaced the pet stained mess and new stacked washer and dryer were added in the laundry area contained within.
The bedroom was freshened up, as was the entirety of the home with LVP (luxury vinyl plank) flooring. The closet even had to be re-constructed as the owner had ripped out the former and dealt with open shelving in her day to day. The contractor was so thoughtful as to even add lighting so the next owner could see their belongings in the closet.
The living room/dining room were lit up with LED light fixtures. The wood burning fireplace was white washed and a mantel was custom made for it. The screened porch outside was repaired and painted. And even the storage unit was painted inside and utilty hooks added. The contractor even added coat hooks at the foyer.
New disposal and water heater were installed when they crapped out during construction and the HVAC brought up to normal working condition with replacement parts. All this for less than $400 over budget.
When the condo hit the market on Memorial Day weekend, buyers responded. It was priced at $269,000, a far cry from what we had antipated the as-is price would be. Two offers showed the level of seriousness of the buyers. July 5th the most serious of those buyers became the new owners of this gorgeous renovation. The sales price was $275,000. For an investment of just under $40,000, the seller made $125,000 more in her sales price. She took on the risk of renovation and she reaped the reward.
Not sure if you are up for the renovation of your home prior to list? If you want the profit move-in ready brings you will be. Get in touch with me and we will go over numbers. The market doesn’t pay top dollar for a property in need of serious renovation.
The opinions expressed in this blog are those of Chris Ann Cleland, not Long & Foster.