Where Market Prep Meets Home Renovation
/Market prep and home renovation are almost synonymous terms as they are very similar concepts. Renovation is simply restoring a building to a good state of repair, or to make new again. Market prep is a makeover of sorts associated with preparing a home to sell by modernizing, cleaning, and replacing old or outdated items.
The home you see here was recently renovated with the goal of selling. It was a very elaborate market prep. I’ve attached before and after photos as well so you will see the progress. In this post I will also explain some of the things we did and why we did it.
WHY ARE YOU RENOVATING? Deciding to sell and renovate is the first step. After that decision is made, we sit down and go over the main goal of the sale of their home. i.e. What’s the market like? Do we want this home to sell for top dollar? Is time of the essence - are you moving or having trouble with mortgage payments?
BUDGET.
Next, I like to talk about a realistic budget. And with that budget we decide how it should be spent and why? Knowing how much things cost is extremely important when it comes to market prep. Promising a brand new kitchen on a $15k budget isn’t smart. (note: If your agent doesn’t know budgets be sure to get quotes from contractors before making any big decisions).
If cabinets are in good shape but outdated, maybe we just paint them instead of replace them.
If the carpet is thrashed, replace it with faux wood (there are so many great affordable options like the one you see in the photos here). If the carpet is brand new, focus on other things and keep the carpet.
Door hardware is a really quick and easy way to spruce up a house. Paint is expensive, but clean walls are priceless and so is a BRIGHT space. White is great to brighten things up and keep the design modern but neutral.
If COST of renovation is an issue for the seller, we talk about Compass Concierge, which is what we chose to use for this renovation project. Compass Concierge is a program that I offer my clients where my brokerage, Compass, pays for all of the work being done. No interest. No fees. And the homeowner never pays for the cost, it simply gets deducted at the sale of the home, from escrow.
EXPECTATIONS.
Thirdly, what is a realistic time frame for getting the project done? Will there be noise? What can the sellers expect from the renovation?
PROJECT GOALS.
If the goal is to get the home sold quickly, then we need to discuss what makes a home sell quickly and why homes sit on the market. If the goal of the home is ROI then we need to look at which rooms need work and how we can give that room a facelift without spending too much money. This is where a design eye and real estate experience both come into play. Agents know which rooms get the best ROI and a good designer should know how to get pretty tiles on a budget. That is a winning combination when trying to get a great return on investment.
Project Plaza Bonita
$25k and 25 days got this home perfectly prepped and ready to sell. Compass, my brokerage, fronted the cash for the renovations and repairs. At close of escrow, Compass was paid back in full (no fees or interest), no money came out of pocket from the sellers.
Our goal with this market prep, as mentioned above, wasn’t ROI as much as it was to reduce the days it sat on the market. My sellers wanted the headache of this rental property off their plate as they are extremely busy with new careers and toddlers. A home that needs work and is outdated and unstaged will take much longer to sell on average. We got 2 offers by the second week on the market and the home sold for just under full asking. Mission accomplished.
Project Details
As you can see from the before shots (shown below), the condo needed updated flooring (no more carpet or tile), updated bathrooms (removed the 70s style vanities), lighting fixtures, fresh paint, faucets and baseboards. We also decided, since it was vacant, that we should stage the condo. Hip vibrant furniture can totally transform an otherwise neutral plain palette. Plus it always helps to show buyers what the home feels like when it’s actually “lived in”! That is proven to help a home sell much faster.
In addition to making this townhome more attractive, we updated appliances and added fans and fixed some plumbing and electrical issues as well. This is all part of properly prepping a home for sale. To get top dollar for a home you want to be sure things are working properly and efficiently; transparency and honesty is the best kind of escrow because minimizing “surprises” during that time makes everybody feel better about the sale.
Flooring Choices - we went with SPC wood flooring. It is water proof and can go in bathrooms as well as kitchens, laundry rooms and living spaces. This particular color is my favorite of the Artisan flooring choices.
Vanities - we got ours from Wayfair which has amazing options and quick shipping.
Door knobs - for doors knobs and hooks I love to use Amazon. There are so many affordable modern options. The cute gold arrow pulls you see in the loft / office area were from Amazon as well.
Faucets - new faucets are my favorite quick fix. A modern clean faucet or showerhead does wonders in a bathroom or kitchen. We replaced every faucet in this condo. Faucets were bought from wayfair or amazon. DO NOT RUN TO HOME DEPOT AND GRAB OFF THE SHELF. Amazon prime will next day deliver and trust me, it’s worth the wait.
Paint - love me some white paint! It brightens a space and makes it feel really clean and fresh.
Lighting - track light has to go! Ceiling fans and rad modern pendants do NOT have to be expensive. Check out west elm, lighting.com, wayfair, CB2 and more.
Shelves, Mirrors & Decor - West elm, Home goods or even target are great options for these items.
Kitchen & Dining
A few years ago the owners knocked out the wall between the kitchen and the dining which really helped open up the living space. There are west facing views from the dining area windows that you could now see from the kitchen as well. We gave the entire home, including cabinets, a fresh coat of bright white paint. We swapped out the old dingy appliances in the kitchen that didn’t fit. This helped the kitchen feel a little fancier and seemless. Plus having brand new appliances feels so good when you move into a new home, wouldn’t you agree?
The SPC flooring gave enitre space a warm feeling. It’s helped warm up the bright white walls and cabinet. As you can see we updated the wet bar as well - new sinks and faucets and floating wood shelves added a modern touch. Removing track lighting was also key to making the home more current.
Loft / Office
Above is a before and after shot of the upstairs office / loft. I painted the functional shelving unit to remove any sign of the 80s. I had the painter paint the stair railing and ceilings beams black for contrast. No more dirty carpet. The SPC wood flooring and tall baseboards add a really clean modern feel. We added a black ceiling fan as well for air flow and additional lighting.
Master Bathrooms
We had to rip out the old vanities, mirrors and dated wallpaper. It was not even a second thought. Older toilets, fine; old tile, fine; but wrap around mirrors, plastic drawers, low sinks and faded wrap around corian counters? No thanks! Adding new hardware to a dated shower is also a low cost quick fix. New mirrors and wall hooks also makes things feel fresh and new.
For the guest half bath, I chose to keep the existing vanity. I replaced knobs and faucet, painted, staged and removed the dated mirror and light fixture. I also added a floating shelf to offset the single mirror and off center sink. I thought putting more money into the master baths was a smarter choice.
Bedrooms
We had a limited budget so we chose to stage only one of the (dual) master bedrooms, to showcase how cozy and fancy you can feel in the space. In order to modernize the bedroom we had to remove the old track lighting and add a ceiling fan. We removed a swinging barn door (yikes!) that led to the master bath and of course new paint and flooring througout. To save money we didn’t tile the bathrooms but instead carried the same water proof “wood” flooring from the master bedroom, stairs and hallway. This makes the home feel seemless as well as adds a warmth. Changing out outlets and yellowing light switches can also be an expensive but very nice touch.
Project Plaza Bonita was a really fun project and a success for everybody. New buyers are happy with their new remodelled beach house. And the sellers got their home sold quickly. Lucky for me the sellers were the nicest kindest people and the buyers were just as easy and sweet! I love when things work well for everybody. Moral of the story - honesty, transparency and kindness make for a great smooth transaction and everybody WINS!