One of the benefits of being an agent or working with a real estate agent is that we as agents can set up an email flash in the MLS to send us listings as soon as they go on the market. Good deals on homes or fixer uppers go quickly these days with all the handymen and ?do it yourselfers? out there. I sell real estate in the Tampa Bay area full time, but as a hobby my wife and I like to buy and sell houses that are in minor need of repair.

This particular home in Pasco County, Florida went on the market at 2:00 pm and by 4:00 pm we had already viewed the property and offered a full price offer for it which was immediately accepted. The reason we offered full price was because we saw the potential in this home for some reasonable profit and didn?t want to take a chance at losing it. The home was on the market after just being purchased 8 weeks prior by a contractor who completely gutted the home and remodeled it. He must have spent close to $35,000 on new air conditioning, new roofing, new windows, complete new kitchen, new bathroom, new garage door opener, fresh paint inside and out, new carpeting and new tile. The asking price was fair and I am sure he made a substantial profit too.

So what potential did we see? The exterior was painted all white, including the front door. There were no colorful shutters around the windows. The mail box was leaning over and so was the fence. The grass was full of weeds, the plants and trees overgrown, and there was no sprinkler system. For such a beautiful home inside, the curb appeal was atrocious.

So we dug right in. Most of the work we did ourselves and this is the key to maximizing your profit with any fixer upper. It?s not always possible though, we did have to hire someone to remove the big overgrown trees and stumps. We installed shutters and painted them and the front door a high gloss sage green color to accent the home. With the help of the local home improvement store and a lot of trial and error, I installed my first sprinkler system. We fixed the fence and installed a new mailbox. We killed off the old grass and removed all the old landscaping. We then laid new sod and planted new plants and colorful flowers. Since this is a hobby and not a job for us, we took our time with the project and only worked on it in our spare time.

Once the home went on the market, it sold in less than seven days to the first person who looked at it. Our net profit was roughly $20,000.00. When it?s done right, curb appeal can really pay off.

Posted by Pam Crowdes on December 13, 2008 at 12:00 AM

About Pam Crowdes
Pam Crowdes is affliated with Re/Max Professionals, which is located in Blue Springs, MO. For further assistance please use the contact information located on the right.




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