We felt that this particular home, located in The Hunters Forest subdivision, off of Jones Bridge Rd, should sell for the mid to upper $140’s. We had originally planned on adding a sunroom to elevate the price to the mid $150’s, but decided not to. We felt that with our purchase price of $71,000 we would still be able to make a profit without adding the sunroom.
Our plans were to close just before Christmas, and to begin the renovation shortly after the beginning of the year, so that we would have it ready to return to market by March. Instead we closed on November 30th, and started the renovation immediately, in order to provide work for our crew in advance of Christmas. It worked out great, we finished on Christmas Eve. Three weeks, and over $32,000 later we were finished and ready to put property on the market.
We started out $154,900, but after a month realized that the market would not support it and reduced the price to $149,900. This increased activity, but did not yield a contract. We continued to monitor the market and decided to reduce the price again to $144,900 after a couple more weeks. Within a few days we were under contract at $142,000. Not exactly what we had hoped for, but still worth the effort.
We were so please with the renovation, and the BEFORE & AFTERS show the transformation that took place. One thing we did differently on this home was re-trim the entire home. This added a lot of character to the home. Another thing we did was add the dividing wall between the living room and dining area, to provide some separation. Oh, yea we had to add a new deck also, and start over in the bathrooms.
Home like these are available for purchase, and will provide an opportunity to improve the neighborhood and to make a profit. If you would like to try one let me know.
Van Purser is a licensed real estate broker in Georgia. Since1981 he has successfully purchased and renovated over 400 homes. His expertise is in the area of foreclosures, rehabs and fixer uppers. Additionally, he has represented hundreds of clients over the years as a broker with Metro Brokers, RE/Max and now with his own firm. He and his wife, Jeanne, who is also a broker, have been married since 1977. Van can be reached at 770-623-3313 or by email VanPurser@VanPurser.com