This property was listed on MLS for less than a day when our borrower jumped on the opportunity to get it under contract. It is in an ideal location with easy access to downtown and the popular Riverwalk area. The renovation plan was pretty straight forward with the exception of a small addition. In order to maximize value and open up the buyer pool, adding an additional 300 square feet was required. Other integral improvements included refinished hardwoods, granite countertops, and a fresh coat of paint on the interior and exterior of the house.
The only issue the borrower faced was contractor related. Unfortunately two contractors underperformed and they were forced to scramble and find a third vendor. Luckily, the borrower identified and mitigated the contractor issues early in the process. They decided to be more involved on a day to day basis to ensure the work was being done on time and at a quality level. The hands on approach paid off and it was a valuable lesson they will apply to future projects. The final product was a success and sold for $26,000 more than the appraised value!