The Big Bothell Remodel!

The Blue tarp was really eye catching when we arrived. As were the two decrepit 30' foot fiberglass boats (yes, plural) in the front yard.  We'll talk about what it takes to dispose of vehicles and boats another time.  For now, we'll check out the house.  It was obvious walking up the front steps the porch was completely rotted and we walked carefully to the front door.

Inside, we found a nice open floor plan. That's not to say there weren't problems. In the front room just behind those bay windows you see in the first picture, the wall was sagging from moisture. (literally sagging!).  This wasn't the worst house we've seen by any means, but the moisture in that wall concerned us.

 

The carpets were stained, worn and smelly throughout the house, and the paint on the walls was dingy looking and feeling.  We almost always replace all flooring and paint the interior and this home would be no different.   We completed our walk through and documented all of the repairs that we would be recommended.

 

Before any work can start, we have to know what makes sense in terms of repairs.  How much money can we sell it for in it's as-is condition - how much will the repairs cost - and how much can we sell it for after repairs.

For the Bothell remodel, here's what our numbers looked like: (keep in mind that blue tarp)

As - is value:       $250,000 

Repaired value:   $345,000

Est of Repairs:       42,000

In this instance is made sense to do all of the repairs because our client would more increase the value of the house by more than twice the amount of the repairs (250,000+84,000)

 

The largest expense was replacing the roof.  The original roof was cedar shake which we replaced with 30 year comp shingles.  In addition to the roof we replaced the front porch and gave the outside a fresh coat of paint.



Inside, that front wall wasn't as bad as we anticipated.  The contractor ended up replacing the bay windows and removing and replacing the drywall.  As you can see, we also replaced all the flooring and painted the interior.


 

We replaced the appliances in the kitchen with stainless to match the existing fridge, installed new flooring and though it's hard to see in the photo we replaced the countertop. You might be wondering why we didn't install granite slab.  The simple answer is that we are focused on maximizing the client's profit.  We could have installed granite, but it would not have increased the sales price of the home enough to warrant the extra cost.

 

In this last photo is the family room after installing new carpet, a new sliding glass door and fresh paint. Once repairs were complete, and the house professionally cleaned,we had our photographer in to shoot marketing photos and two days later went on the market.

 

 

 

End results?

Estimated Sales price:          $345,000       Actual Sales Price:     $385,000

Estimated repairs:                $ 42,000        Actual repair cost:        31,500*

Net sale price after deducting repairs:                                         $353,500

As-is value:                                                                                  $250,000

As you can see, our client made just over $100,000 MORE from their house by investing in repairs and they paid zero out of pocket.

* we estimated high on that front wall not knowing what we were looking at.

 

Are you thinking about Selling your Property?   Contact us for an estimate of what we can do for you.  There is NEVER any pressure or obligation!   We look forward to talking with you.

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