Boost Property Value: Renovate to Sell for Maximum Profit
The Renovation Team's James Goren, specialises in pre-sale renovation, and can work with you to deliver the true property resale potential.
James Goren, our managing director is both an experienced property investor and property trader. He is an expert speaker at the Auckland Property Investors Association and a value renovation expert who has managed hundreds of renovations. He understands which upgrades will help the home sell more quickly for a higher market price. The result? Smarter renovations with a higher resale value.
The short answer is that resale value focused renovation is drastically different from traditional home improvement and requires a complete rethinking of the renovation process.
Ray Chan and Ian Thornhill from Barfoot and Thompson Epsom listed the property and it was in the market for a full marketing campaign.
Max offer was $1.3Mil which didn't satisfy the vendor.
Ray from Barfoot decided to involve James from the Renovation Team with the following results:
Property Type: Townhouse
Location: Victoria Ave. Remuera
Initial max offer: $1.3M
Renovation plan: $65K - 5 weeks
Selling price: $1.685M (after 3 weeks)
Resale value increase: $368K
ROI: 466%
Ryan Harding from Barfoot knew it would be very challenging to sell the bungalow in a run down condition and assumed the vendor could only get a max of $1.3Mil which does not reflect the full potential from such a prime location.
A resale value plan was put in place by James Goren focusing on the most cost effective way to max the value of the property.
The Renovation Team finished the project in just 6 weeks, the property relisted on the market with new expectation of 1.5 to 1.6 and sold for $1,740 (Mar 20).
The vendor was very happy as he got about 440k more than the expectation
Property Type: Bungalow
Location: Tuarangi Rd Grey Lynn
Initial value appraisal: $1.3M
Renovation plan: $120K - 6 weeks
Selling price: $1.74M (after 3 weeks)
Resale value increase: $440K
ROI: 266%
After advising the vendors on refurbishment and presentation, this property was marketed as an auction by Alastair Plowman from Barfoot and Thompson. There were two pre-auction offers made which the vendors chose not to accept in the hope of achieving a better price. The bidding at the auction opened at $700.000 with the bids swiftly rising to the reserve of $920.000 and finally ending at $1.032.000. This auction set a new street record for a two bedroom unit on Pah Road. Both Alistair and the vendors were ecstatic with the process and the incredible results.
Property Type: Unit
Location: Pah Road. Epsom
Initial value assessment : Low $800K
Renovation plan: $68K - 6 weeks
Selling price: $1.03M (after 3 weeks)
Resale value increase: about $200K
ROI: 194%
Case study: Pah Road, Epsom Unit:
After advising the vendors on refurbishment and presentation, this property was marketed as an auction by Alastair Plowman from Barfoot and Thompson. There were two pre-auction offers made which the vendors chose not to accept in the hope of achieving a better price. The bidding at the auction opened at $700.000 with the bids swiftly rising to the reserve of $920.000 and finally ending at $1.032.000. This auction set a new street record for a two bedroom unit on Pah Road. Both Alistair and the vendors were ecstatic with the process and the incredible results.
Property Type: Unit
Location: Pah Road. Epsom
Initial value assessment : Low $800K
Renovation plan: $68K - 6 weeks
Selling price: $1.03M (after 3 weeks)
Resale value increase: about $200K
ROI: 194%
Listed property will now be reflecting its true potential and will appeal to a broader audience
