BAYWATER Client success story - downsizing

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We often work with clients who urgently need to move into assisted living facilities because they can no longer manage living alone and maintaining a primary residence. In this case, an elderly woman needed to find an appropriate assisted living facility that suited her needs. To afford the monthly costs of this new arrangement, she needed to sell her home for the highest possible price.

Condition of the Home: The house was filled with belongings that had no value to her and was in very rough condition. Thanks to her Senior Living Specialist's guidance, she identified a suitable place to live but needed to sell her home quickly and at the best price to cover her new apartment's expenses. The home required extensive cleanup and several updates to achieve top dollar in her neighborhood. In this instance, we presented two downsizing solutions: a full marketing plan with high-definition professional photography for each option.

Option 1: Sell the home as-is: We would list the property in its current state, including all contents, likely attracting an investor. The estimated sale price in this condition was $130,000.

Option 2: Clean up the property: This option included clearing out the home, checking all major systems for functionality, repainting the entire home, installing new flooring, and ensuring the home was professionally cleaned. The estimated cost for these property renovation services was $15,000, with an estimated sales price of $210,000.

What they decided: Since the homeowner had sufficient cash to fund the renovations, they opted to renovate the home to maximize its value. The renovation took just three weeks, after which we listed the house for sale. We received an over-asking price offer and secured a contract during the first weekend.

Scope of Services Performed: Whole home clean-out and disposal, new flooring throughout (carpet in bedrooms and Luxury Vinyl Plank in living areas), removal of all wallpaper, repainting the entire interior, installation of new stainless steel appliances, a new HVAC system, light staging of the home, professional photos for marketing, a 10-point marketing plan for 100% market exposure, secured a qualified buyer in the first weekend, managed the closing process, and handled the home's maintenance on behalf of the seller until closing, including regular home visits to ensure security.

Return on investment: By choosing to renovate the home, which ultimately cost $22,000 ($15,000 for renovations plus an additional $7,000 for replacing the HVAC), the estate realized nearly $58,000 in added value, providing a 263% return on investment.

Challenges along the way: During the renovation, the HVAC system malfunctioned. After an inspection by our technician, we determined that replacing the unit was necessary to sell the house for the highest amount possible, which added $7,000 to their costs. While this unexpected expense was unfortunate, addressing it was crucial for securing the best sale price.

Every home presents its own challenges, and we pride ourselves on our ability to provide effective downsizing solutions. You can rest assured that you are in good hands when trusting us with your downsizing needs.