The time has come for this out-of-state landlord to sell, but the problem is that his property in Denver, CO has taken a beating from the renters who have been living there with their 3 kids and 3 dogs for the last 9 years. The owner doesn’t have the money, time, or energy to complete a full renovation which is what the property needs in order to sell for top dollar, so we have decided to do a partial renovation in order to maximize list price.
If he wanted to save himself all of the hassle, he could just sell the property in as-is condition without doing any repairs. The market is hot, especially in this area of Denver which is very close to downtown, so there are plenty of investors that would buy the house to renovate and flip. But, the kicker is the the owner would be taking a big hit as he’d need to sell for a very reduced price to account for the run down condition which he doesn’t want to do. So, he’s decided to take my advice and do a partial renovation using his limited budget so we can minimize the time and cost required for repairs and still sell at a price which leaves him with a hefty profit.
Before the renters even moved out, we were able to have a new furnace installed. As soon as they moved and cleaned out the house, we were able to have new carpet installed in all 3 bedrooms, along with fresh paint throughout on all surfaces including walls, ceilings, doors, trim and window sills. There were multiple broken windows which the seller had the locks and broken panes of glass replaced. This was an economical solution to having to replace the original windows all together. The overgrown trees and bushes in the yard were all given a thorough trim to create better curb appeal, and the inside of the house was deep cleaned once all the repairs were completed. Within a few weeks of the renters moving out, the house was ready to list.
The strategy to do a partial renovation so the house would show well enough meanwhile market it as a fixer-upper opportunity was a complete success. I listed the house on a Saturday and by Tuesday had 9 offers in hand. The buyers who submitted offers appreciated that half the renovation was already complete so they could just focus efforts on the kitchen, bathrooms, and outdoor space. The seller did end up having to spend part of his budget on inspection items which we expected. In the end he was ecstatic as we were able to close over list price in time just before the holidays.
If you are a looking to buy or sell a home in Denver, please reach out to me at oliviarealtor@gmail or 720-933-8499 as I’m happy to help.