Buying or selling a home in Lakewood Ranch is a wonderful experience, especially with the support of a professional agent.
Remodeling an investment property can be an intimidating task for any investor, but with the right contractor and the proper steps, a remodel can prove to be quite profitable. Take a look at this extensive remodel by Brista Homes. The end result was a brand new home (aside from it’s age) with a turn around time, from start to finish, of three months.
Step One: Estimating the Renovation Costs
Estimates were started as soon as the home went under contract. Once all the numbers were in, it was time to separate the “musts” from the “wants”. For example, repairing the roof, and replacing the AC unit and water tank were a “must”. Tearing down the kitchen wall to make it an open concept was a “want” but fit the budget.
As soon as the property closed, all supplies and material were ordered.
Step Two: Meet the Neighbors
Introduction letters were sent to the neighbors and the association informing them of the renovations and where to direct concerns they might have through out the process. This helped the job to start off on the right foot.
Helpful hint: As a result of the letter, you may receive calls early on about interest in the home. Make it a point to only show the home once the remodel is 100% complete. Save their information and assure them that you will update them when the home is nearing completion.
Step Three: The Demolition
Within hours after closing, the dumpster was delivered. The demolition was started immediately. The tacky wall paper was stripped, the popcorn ceilings were scraped, the moldings and doors were removed, the kitchen and guest bathroom was gutted, and the confining kitchen wall was removed.
The only two items salvaged in this property were the hardwood floors, the master bath marble tile, and a small section of kitchen cabinets that were cleaned and reused in the laundry area.
Step Four: Rough-in Mechanical Stage
These “must” items in the remodel were tackled first:
AC duct work
Electrical wiring for recessed lighting
Plumbing behind the walls
Helpful hint: Do not re-texture and paint the ceilings without repairing the roof leaks first. Do not repair dry wall before fixing the plumbing.
Step Five: The Installations
The following items were taken care of during the installation process:
Retexturing of the walls and ceilings
Installation of kitchen cabinets and bathroom vanities
Floor and wall tile installation
Granite counter tops installation
Hard wood floors sanded
Helpful hint: When doing a kitchen, bring your dimensions to Lowe’s or Home Depot and have them design the kitchen for you. You’ll get the right size cabinets with a good fit.
Step Six:Trim out
The remodel was now ready for the finishing touches. This is also referred to as punch out and consists of the installation of plumbing fixtures, light fixtures, and outlet covers, paint touch up, etc. It’s a good idea to walk through at this point and create a punch list of items that need completion. These finishing details are what makes the remodel stand out above the rest.
Step Seven: Construction Clean
The home was professionally cleaned, including the windows.
Step Eight: The Garage
The garage doubled as a work shop during the remodel process, so it did not make sense to tackle this area until the end. The painting of the garage trim and walls were scheduled at the same time as the interior paint touch up. The garage floors were acid washed, etched, and received two coats of epoxy. Not only did the homes interior look brand new, but now the garage did too.
Next, the hard wood floors were stained and sealed. The floors received three coats of sealer, and were sanded lightly between each coat.
Step Nine: Carpeting
Since workers were coming in and out of the home, the carpets were installed last. Wall to wall carpeting went into the master and guest bedrooms.
Step Ten: The Exterior
Curb appeal plays an important part in making your investment property stand out from the rest. The home was pressure washed and damaged lanai screens were replaced. A professional landscaper was hired to clean the yard and remove the old stone hardscaping. Mulch and flowers were added along the walkway. An appealing exterior sets a good first impression and attracts buyers.
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If the appraisal on a $300,000 home comes back at $295,000, this is not a big concern, but if it comes back at $286,000, this could be an issue. In situations as such, emotions tend to come into play. First and foremost, it’s important to keep the emotions out of it. Emotions can ruin a deal.
Buyer and seller disagreement:
If there is an appraisal contingency, the buyer can back out of the offer within the designated time frame and their earnest money will be returned. The inspection most likely has already been performed, so this cost along with the cost of the appraisal can not be recouped.
Knowing each appraiser will come up with a different value, the seller can put the home back on the market and hope that the next appraisal comes in higher. Sellers need to keep in mind, if it was an FHA appraisal, the appraisal stays with the property. If this is the case, the seller may need to eliminate FHA buyers.
Buyer facts to consider:
If the appraisal comes in several thousand below the appraised value, and you come up with the difference, you may be doing yourself and your new neighbors a favor. Values are based on sold comps. If the home appraised at $295,000, but you pay $300,000, you now become the next comp. If the next home in the neighborhood sells at $305,000 you have built instant equity. Furthermore, you’ve raised the value for the entire neighborhood.
Photo credit: Brista Homes, Inc
Source: The Pheonix Real Estate Guy
When you are ready to put your home on the market, there are several tips that you can follow to help your Lakewood Ranch home sell quickly for the best possible price. A few basics include adding flowers and freshening mulch for exterior curb appeal, maintaining a tidy and fresh interior, and decluttering and depersonalizing the home.
A good first impression is vital. You sell your Lakewood Ranch home within the first 15 seconds of a viewing. What do I mean? A buyer will decides if the home is meant for them within seconds of walking through it.
What else can you do to ensure the sale of your Lakewood Ranch home? Get nosey and snoop on your home.
Look on the MLS
Once your Lakewood Ranch home hits the MLS, review the content. Is there anything missing? Are there any errors? Are there plenty of photos? Do the public remarks do an excellent job in describing the property?
Photos used to market your property should be clear and rotated to an upright position. It is important that they are as good as, preferably better, than the competitions photos.
Look for your home on the internet
Type in your address and see what comes up. Then head to third party sites such as realtor.com, zillow.com, and trulia.com to check on your home. Most of these sites accept 6 photos, so make sure those displayed are the best ones. Realtor.com allows 36 photos. Is your Lakewood Ranch realtor taking advantage of this?
Whether you have just listed your Lakewood Ranch home, or your home has been on the market, use these tips to ensure your listing is better than the competition.
Source: Dean Ouelette/The Phoenix Real Estate Guy