By Tracy Wick –
Recently our Property Protocol™ system was utilized to assess, prepare, and sell an inherited condo for an optimal return on investment. In this case, the condo was in need of repair. Without any improvements, the maximum list price of the condo was determined to be $100,000. Deferred maintenance items were identified and a “Must Do” punch list was created to stabilize the property. The client’s budget and timeline were taken into consideration to determine which cosmetic or staging activities would maximize the ROI.
In order to get the house “Market Ready”, a $2,500 Investment Punch List was created and consisted of the following:
REPAIRS, PAINTING & HANDYWORK:
- Replace two broken doorknobs located at powder room and upstairs bedroom (doorknobs come off).
- Install fire detector at kitchen ceiling near door to basement.
- Install glass light cover at center of kitchen.
- Make sure all light bulbs are working, replace burned out lightbulbs.
- Reattach/repair entry closet door (leaning against wall).
- Install sheet vinyl at kitchen floor.
- Prepare main level and upstairs walls and paint all walls.
- Prepare all main level and upstairs ceilings and paint.
- Prepare all main level and upstairs interior doors and door/base.
- Touch up damaged window sills with matching brown stain/paint, paint entire sill.
- Touch up worn hand railing to upstairs with matching brown stain/paint, paint entire sill.
- Remove window drapery hardware, wall decals & wreath prior to painting.
- Outdoors-Remove wood supply in corner of deck.
- Remove heavy box in basement; reuse, donate or discard.
- Steam clean carpeting throughout main and upper levels.
- Thoroughly clean all three levels of the townhouse including all appliances, clean out and wipe out refrigerator, clean all cabinets with a damp cloth, vacuum base molding and stairs with attachment, dust ceiling fan & light fixtures.
- Clear outside deck by sweeping or shoveling, place debris in trashcan.
- Make sure front door area is clean of cobwebs.
Once repairs and clean-out were complete, the condo was put up for sale at a list price of $110,000.
Within only 4 days on the market, Property Protocol™ produced a sale price of $111,000! The estate received a net profit of $8,500 or more than a 300% Return on Investment.
In summary, the process of preparing and selling an inherited home and all of its contents is complex and can be time consuming and frustrating. Professional project management is available. To find out more about Property Protocol™ or to receive a free Inherited Home Guide, please visit www.Property-Protocol.com.