When my client from Alaska had called me to list his home in Tempe 85282 and manage the fix project I did not know what I had gotten myself into. The property below is before and after pictures of the project. When I first entered the property it had holes in walls throughout, carpet was stained, roof was in its last life, patio post had severed dry wrought, the rear window was broken and the range oven had been removed from the property. This was what could be seen on the walk through.
The first phase was to get the property up to par with listing the property. We had the whole interior painted, patched up the holes with drywall, replaced all broken doors, replaced the rear and laundry room window, removed all carpet and installed brand new carpet, removed all furniture, clothes, trash, and clean the property professionally. The first phase cost us a total of $2,000 (Labor and material).
The second phase came after the inspections and appraisal. In order for us to sell this home to the current buyer obtaining an FHA loan my client had to install a new roof, install new patio beams (Dry wrought damage), replace all damaged (dry wrought) roof fascia, weld the pool fence, cure all moisture stains in attic, remove attic beam damaged by termites, cure the property of termites, cure any and all issues that came up in the home inspection, replace irrigation tube, and other minor issues. This came to a total of $13,500 for all work and labor done by Cartier Construction.
LISTED FOR SALE
This was an excellent project that I managed for my out of State client. It was not easy and the advice I have for anyone doing any fix n flips or selling a home to an FHA buyer is get a home inspection before you do any work, get one after you have completed the work, cure the property of termites, and more than likely if there is any issue small or big get them fixed and cured before you list the home.
In all my years of selling real estate this was new to me. I have worked with FHA buyers and the criteria but this time the criteria were way more to pass. We had to cure, replace, and fix everything that came up in the appraisal, in the home inspection, and in the termite report. We also had to provide all documentation from the contractor and work completed. At one point I told my client all I am waiting for is for the bank to tell us we have to tear down the home and build it back up, that’s how much they requested.
But at the end of the day it’s great to transfer a home to a new buyer and know the product is great. If you are doing fix n flips and don’t stand behind your product don’t waste your time. You don’t want to be known as doing poor work, the word will get around. The buyer is happy, my client is happy, and so am I. I will say that I had a few more gray hairs and if I am not mistaken my hairline went back a few notchesJ, but as I said everyone was happy at the end of the day.
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