For this project in Melbourne’s south-east, we worked with interstate owners to modernise their property and maximise its sale price. The home was in excellent condition but dated, and the owners recognised that it would sell for well less than its potential in as-in condition.
Given their location and limited renovation experience, the owners engaged Kudo Homes to help them identify where to spend to get maximum value, manage the renovation project on their behalf, and assist them with funding via our ‘renovate now, pay later’ model.
How Kudo Homes helped
We focused on practical, low-cost improvements to give the home a fresh, modern feel that would appeal to a broad range of buyers. After researching the local market for insight into buyer demographics and budgets, we agreed to revamp the living areas, kitchen and bathrooms inside, and overhaul the front yard to create strong street appeal.
Using guidance from local estate agents regarding the additional profit a renovated property would likely achieve, we agreed a budget of $62,000. With the owners opting to ‘renovate now, pay later’, we were able to start immediately without any upfront payment and the project was complete in three weeks.
Kudo Homes was able to transform the property to achieve a sale price of $1,013,000, compared with a pre-renovation estimate of $850,000 – a difference of $163,000.
We achieved this result with a budget of $62,00, meaning we were able to deliver more than $2.50 of profit for every dollar spent. Importantly, the owners didn’t need to spend any of their own money, with the cost of the renovation taken from their settlement payment.