"Turn-Key" Cost Analysis
Updated: Nov 30, 2020
The team and I are busy collecting the proper permits for the project at 2 Pollock Rd in Wayland. If you are not aware yet, we are "flipping" this house to become a turn-key wheelchair accessible home. Our hope is that a individual or family with mobility impairments will benefit from the accessible design.
Today I want to cover some cost analysis. Specifically, I want to compare the cost of purchasing a home in Wayland and hiring a GC to make the renovations, to purchasing this particular property in turn-key condition. Here are the considerations...
Right now in 01778, houses of this size are selling between $375 - $425 per square foot. Assuming a family could get their hands on an ever-competitive fixer-upper at $375/SQ', this property would sell at about $456,000.
We perform dozens of similar projects to this one each year, and we estimate this project would cost a homeowner approximately $175,000 to remodel.
$456,000 (house cost) + $175,000 (renovation costs) = $631,000
We estimate that the minimum purchase + rehab would cost a homeowner $631k to complete the same scope of work. With this property (listed at $625k) homeowners could potentially save money, but can also...
*Avoid living through construction
*Roll construction costs into a mortgage payment
*Sell their existing home at maximum value (the market is hot!)
*Move into a home designed by accessibility experts
*Spend no time planning and making decisions
INTERESTED IN PURCHASING THIS HOME? Call Brian Harvey at 508.838.8959