Case Study- Great Falls, Virginia Renovation – $199,500 NET Proceeds Increase!
This project was a great example of how MaxHousePrice really can be a WIN-WIN for everyone involved! Check it out and let us know what you think of this Great Falls, Virginia Renovation….
The real estate agent for this property reached out to MaxHousePrice to explore all possible options as he helped some family friends to sell their mom’s house. Unfortunately, some of the mom’s health setbacks had them needing to list the home. Additionally, her health had also prevented the mom from properly maintaining the home over the years, resulting in this Great Falls, Virginia Renovation.
Before the family listed the home, there were a lot of things to consider. Due to the age of the home and the deferred maintenance, there wasn’t just a small scope that was fitting for the agent to sell the home for top dollar.
It was necessary to go “all in” for this Great Falls, Virginia Renovation. This home was built in 1970 and due to the great location of the home, the as-is value of the home was $800,000…. However, doing the following scope allowed them to sell for $1,270,000!!!
Great Falls, Virginia Renovation Scope of Work:
-Finished the basement and added a 5th bathroom
– Upper hallway bath (All new)
-Gutted and expanded the Primary Bathroom (All new)
-Gutted the kitchen and removed the wall to the dining room (All new)
-Powder room (All new)
-Gave the In-law suite bathroom a face lift
-Sanded and refinished all hardwoods
-New lighting throughout
-New Roof
-Repairs and maintenance items throughout the interior and exterior
-Painted all interior
Wow!!! This meant that doing a scope of the Great Falls, Virginia renovation of this magnitude ($270,500 size scope) actually allowed these clients to NET $199,500 MORE when it came to the sale of the home! Such a WIN-WIN!
Great Falls, Virginias Renovation PROJECT RESULTS:
As-Is Price: $800,000
Renovation Costs: (PAID for by MHP): $270,500
Sold Price: $1,270,000
SELLERS NETTED AN EXTRA $199,500!!!
One of the questions we get asked most often is, how do we decide what type of scope makes the most sense?
Whether it’s a large-scale renovation or light cosmetic refresh, the team at MHP has the knowledge and expertise to help you net more at sale.
Sometimes it’s medium, or, sometimes, larger renovations that make the most sense to help a client NET MORE MONEY at sale. For this Great Falls, VA home, a large-scale renovation of $270,500 made the most sense.
Whenever we walk a home where renovations are being considered, we always make sure to talk through everything thoroughly. We also assist with finding areas within the scope of work to save money. We can help by recommending areas where it might make more sense to re-do particular rooms/areas of the home due to the return on investment. It is definitely an individualized process that is very personalized given each home and each individual client.
Check out our “Renovation Knowledge Library,” with a wealth of information to guide you on your renovation project!