What is a hidden gem? In my mind it's something about a home that not everyone sees when they are considering a purchase. In Franklin TN every potential buyer sees an existing bonus room of course, but not many see its hidden potential.
We had a client last year who was interested in purchasing a home in a very desirable neighborhood. One house they considered had been on the market for over 200 days when we looked at it. It had a few minor cosmetic issues but the main drawback was that it had three bedrooms. In this particular neighborhood, almost every home constructed had a minimum of four bedrooms. In fact, they had stopped constructing this particular model because of this very issue!
One outstanding feature of this home was the extremely large bonus room (20' X 30') over the three car garage. It also had a full bathroom not included within that square footage.
By now, you know where I'm headed. Our clients purchased the home below market value, in the mid $400's. After taking care of the minor cosmetic issues (some flooring problems), they tackled the renovation of the bonus room.
They created a media room approximately 15' X 20', and a large bedroom that was 15' X 15' with a closet and full bath. Needless to say, they were thrilled with the outcome. The total cost of the work was in the mid teens.
Four bedroom homes in this neighborhood are now selling in the mid $500's and up. They now own a four bedroom home valued at nearly $100 K more than they paid for it.
That's what I call a hidden gem!
This is an entry in Bob Stewart's Crowdsourced Challenge: Hidden Gems.
Comments(7)