Renovate to Sell Case Study: 719 Diamond St
How the sellers were able to net an additional $50k on the sale of their home with $0 spent before it sold
What’s the Renovate to Sell Model?
You can learn all about how we put more money in our client’s pocket with our Renovate To Sell model here. To sum it up, it’s as simple as it sounds: we renovate your home (no up front cost to you) and sell your home for its maximum value.
719 Diamond Street is a wonderful townhouse in Pacific Beach. With a killer location ½ block from the sand, it was well taken care of by the owners, but outdated. It had been used as a vacation rental for some time, but the owners had done little to improve the property since they purchased it in 2007. Like most homes back then, the style was brown granite countertops, golden oak cabinets, and travertine tile everywhere! Not ugly by any means, but just outdated.
About the project
When we first came in, the property was valued between $1.25-$1.275M, if they were to sell it as-is. We estimated the cost of a cosmetic remodel to about $15k: this project estimation included new premium vinyl flooring in the living area, new calacatta style quartz counters in the kitchen & bathrooms, painting the cabinets & vanities white, touching up paint throughout the house, and other small, high-ROI (return on investment) detail items. Now after the remodel, professional staging & photos, we estimated the value to be between $1.325-$1.35M! So, we put the house on the market starting at $1,350,000. Within a few days, we had multiple showings and offers on the property, resulting in the sellers accepting an ALL CASH offer with a quick escrow at $1,325,000!
How the numbers break down
– $1,250,000 Original Value
– $15,000 Renovation Cost
– $2,000 Staging & Photos
– $5,000 Misc Repairs
= $52,500 Additional Net Dollars Earned By Our Sellers
After everything was said & done, the sellers walked away with roughly $52,500 more than they would have with no additional money out of pocket! They were ecstatic to say the least and are now ready to take their proceeds to invest into their first house flip!