CASE STUDY #3
Project Type: Renovate to Sell
Project
ID
48JAS
The
Project
Location: Bentleigh
The owners had inherited a dated two-bedroom property that they wanted to sell in Bentleigh in Melbourne’s south-east.
The owners of this deceased estate recognised that the home would sell for less than its potential in its as-is condition, but they weren’t sure where to start on improving it. They also didn’t have access to funds to pay for a renovation.
The owners engaged Kudo Homes to help them with expert advice on renovating for profit and styling to sell. They opted to use our ‘renovate now, pay later’ model, which allowed them to make $36,000 worth of improvements with nothing to pay until the property settled.
THE PROJECT
Every room in this quaint little property got the Kudo treatment. From day one our goal was clear: to maximize profit, attract potential buyers, and seal the deal swiftly. Our proposal focused on small changes that would have a big impact. The owners had a limited budget and wanted to list the property for sale ASAP, so we looked for ways to elevate the home quickly and at low cost.
The transformative power of a fresh coat of paint is well known. We painted the interior to freshen and brighten the property and repolished the existing timber floors. A neutral colour scheme created a sense of space and provided a fresh canvas for the furniture staging, which really elevated and modernised the property.
The entire property, inside and out, underwent a good cleanup, soft wash on driveway and house, some landscaping, sanded and polished floors, new tiles to laundry and toilet, painted and professionally cleaned.
Because they wanted to sell as quickly and painlessly as possible, we also helped them to stage the property for sale to ensure the renovation was complemented by stylish modern interiors. While furniture staging is an additional cost at an already budget-sensitive time, it’s been proven to seriously boost the sale price of homes. At Kudo Homes, we believe that staging your home is an investment that’s guaranteed to deliver far more than it costs. We helped these owners to create a sense of life in a vacant property and draw attention to its features while downplaying its shortcomings.
This minor renovation was complete within two weeks, with nothing left for the owners to do
Tp keep the budget as low as possible, we didn’t feel anything needed to be changed in the kitchen. It was already in great condition, and after the property was painted and the floors were stripped and polished, it looked brand new again.
THE FINAL RESULT
Kudo Homes was able to renovate and style the property to achieve a sale price of $888,000 – $163,000 more than the top of CoreLogic’s estimated value range. We achieved this result within two weeks with a budget of $36,000, and nothing for the owners to pay until settlement.
Selling price: the property sold for $888,000.
Owner investment: our client spent $36,000 renovating this property.
Based on the corelogic data, the owners profited $163,000 more than the estimated value range as you can see below.
You don’t always have to spend big to make a good return. This two-bedroom property could have done with a new bathroom; it was clean, tidy and functional, but was significantly dated. However, the postcode deemed it unviable. Adding another bathroom to this property would have cost around $18,000 in additional funding which – in our opinion – had a too greater chance to eat into the owner’s profits. It just wasn’t worth the investment.
