How to turn $1000 into $5000

 

This bath looks pretty nice, huh?  Would you believe that just a week before this picture was taken it was probably the WORST feature of this house?  It looked like a worn out 1997 Parade of New Homes bathroom.  I can talk about this bathroom like this because this is my old house.  Thought it might be a good example of how you can often spend a little money addressing the worst features and turn it around.

So, here is where my $1000 went:

1.  The ugly and rusty builder grade light was replaced with this oil rubbed bronze one from Lowe’s for $110 and 15 minutes of my time.

2.  The very worn out white and green vinyl floor was ripped up and replaced with ceramic tile for $600.  These tiles were only 57 cents each, but laying them diagonally gave it some pizzazz.

3.  The whole room and pickled vanity were painted for about $200.

4.  The cheap gold hardware on the cabinets were replaced with oil rubbed bronze ones for about $25.

The tub, shower door, faucets, big ol’ plate glass mirrors and the rest are all original stuff.  I wanted to replace the plate glass mirrors with two individual framed mirrors, but I didn’t want to risk slicing an artery since I was doing all the work alone.

As you can see, I don’t even think I spent $1000 to turn this bathroom into one that is nicer than most in my old neighborhood.  Did you catch that?  “Nicer than most.”  That is all you need to do.  Sure, I could have dropped $15k in this bathroom and made it over the top and EVERYBODY would have loved it.  I could have, but didn’t because I wouldn’t have gotten a return on it in a neighborhood where few houses have been updated at all.  See, when a buyer or tenant is shopping, they will always pick the best one they can.  All you have to do to get them to pick your place is to study their choices and make it just a little better……one up the competition.

When you do something like this, you not only make it easier for a buyer or tenant to say yes to your place, you also increase the odds of MORE people saying yes to it.  More people saying yes is called Demand, and economics tells us that more demand means getting a better price.

Have a house that isn’t selling?  Create more demand by doing a few minor things like this.  You’ll be amazed at how the public responds.  I am renting this house out, and 3 of the 5 people who looked at it wanted it before I signed a lease.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s