This project is the largest single family we have every renovated! With a purchase price of over $700,000 and a resale value of $1.3 million, we put out all of the stops on this one!
Harrison Bonner found this gem through a For Sale by Owner and jumped on it. Although we went over our renovation budget and renovation schedule a bit ( we had to fire our first contractor early on), we will still be making a nice profit on this one. More importantly we are learned a lot about the Brookline market and what goes into renovating a high end property.
Harrison and Christian walked into this house and knew it had potential. The first floor was already had an open concept with high ceilings. The second floor was a lot “tighter” and had a funky half finished attic area that the previous homeowner was using as an extra room. We decided to fully finish this space and add a bathroom up there to make it a suite. We also decided to add a master suite on the second floor.
Since our holding costs were so high on this project, we knew we had to push the pace. Our 1st contractor on this project was moving too slow and missing every deadline he set. We had to act fast. We removed him from the project and brought in another contractor. This slowed us down at the time, but we knew would speed up the project in the long run. At this stage in the process we also decided to add a large deck on the side of the house and put up a privacy fence. This was a huge plus for this house considering Brookline is condensed and yard space is scarce. Things were moving along.
The Final Product
After 9 months of renovations, this project came out better than expected! Although we went over on budget and schedule, the house looks beautiful and initial ARV we had for the property falls short of current comps.
Here is a brief overview of the numbers:
Purchase: $ 730,000
Hold Time: 11 months
Expected Re-sell value: $1,350,000
If you have any questions about this project, feel free to reach out any time by commenting below!
Here's to building the future!