Deal Diary, Renovation

The Fayette House Renovation

The Fayette House Renovation

 

Profile of the Project

  • Location: Safety Harbor Florida
  • Type of Real Estate: Single Family Residence
  • Scope of project: Purchase, renovation, and selling
  • Purchase Price: $230,000
  • Selling Price: $399,000
  • Renovation Cost: $80,000

 

Before and After

The Fayette House Renovation - Front, Before  The Fayette House Renovation - Front, After

After six months of hard work, we sold the Fayette house in less than a day. It hit the market at 5 PM one night, and the next day at 7:30 AM we had a full price offer. It sold because the location was awesome, we did a great job on the rehab, and we got lucky with the timing. The buyers had another deal fall out, so they were hungry to buy. They saw the home the night it went on the market, went home, and made a decision that night. The next day, they went under contract for the house.

 

Length of the Project

This property took us about six months (March to August) to renovate. It took at least two months longer than it should have taken, because of a few challenges. For example, our initial contractor was not doing well with this job. (For example he messed up the dry wall repairs.) So after let him go, the Serene crew took time orienting to the project. But they ran into residual issues from the past contractor. They had to fix major issues like roof leaks. In the end, it worked out!

The Fayette House Renovation - Bathroom, Before  The Fayette House Renovation - Bathroom, After

 

Lessons Learned from the Project

If I could do it over again, I would have spent more time vetting contractors. I would have made a personal visit to the site, called other contractors, and gotten more involved with the project in general. I would have been more attentive on the front end, essentially. Then, I would have itemized the scope of the project better so we could have stayed within budget (we went over for this one).

We went overboard, replacing much of the exterior siding, getting top notch cabinets, and spending a lot of money on the kitchen. We needed to remember it was a rehab, not home makeover. We overspent, over delivered, and didn’t make as much money as we should have.

In summary, though, I wouldn’t trade that experience for anything, because I learned so much from this project. In the end, we did a good job renovating, and the house sold itself.

   
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