Returning a Distressed Property into an Updated Luxury Custom Home!
“What do you think? What do you think? Can we turn it into something nice”, the potential buyer wanted to know? The buyer really wants a new luxury custom home, but wants to wait a year or so. As an alternative she considered remodeling her existing home, then she saw this house on the market and had another idea. She wanted to buy this home if she could do a fabulous home remodel and transform it into an updated luxury custom home. She knew she could get it at a great price as a distressed property. As AZ custom home builders, we often work on room additions or home additions with homeowners, sometimes on their existing home before we build their custom home, and sometimes after their custom home is completed updating their former residence for resale.
In this case, the potential buyer and our general contractor walked the house and bounced ideas back and forth between them.
- “We could take this wall down connecting these two rooms and opening up this entire area.”
- “We could open this wall up with an open niche so this foyer is not so confining and give you a view into the great room.”
- “Can this wall come down?” “Do you think we can create a larger family room and add a game room here?”
- “Oh my! This room is totally gross, we need to take this out and start over.”
Between the potential buyer and the general contractor, the ideas kept flowing back and forth. Before the end of the home tour, they were both convinced that a home remodel could recreate the once lovely home into an updated luxury custom home. While this home was the ugly duckling of the block, the neighborhood had other beautiful custom homes, including a large Tuscan style home we had completed the year before, one or two owned by local professional ball players, and well-known as a quiet, private enclave of custom homes.
As yet, we haven’t begun working on this project, it’s still in the purchasing phase, then it will take time for the architectural home designer and the buyer to develop the new set of house plans as they work on the room additions and modifications. As AZ custom home builders, it’s interesting to see how our customers have responded to this current housing market. While some have delayed their new custom home plans until they feel more comfortable with this market, including this buyer, yet this buyer has also seen the diamond in the rough. She will do the next best thing, take a distressed property, add value with a home remodel, have fun doing so, and get the financial benefits in a few years when this market returns to ‘normal’.
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