If you have an apartment or a house you intend to sell, you will want to hear about our property betterment service. We can upgrade and modify your property in a way that will greatly increase the price you will receive and help sell the property more quickly. The service is provided by a professional team highly experienced in the field, and comes at no cost for you.
There are many parameters that determine the value of your property, its attractiveness in the eyes of the interested parties, and the price they will eventually be willing to pay for it. One of the most significant of these parameters is the appearance of the apartment, professionally known as perceived value. Thus, the purpose of the betterment process is to make your property look as valuable and luxurious as possible. To that end, we place an experienced team of professionals at your disposal, including an interior designer and an architect who knows how to enhance the value of your property and are familiar with the considerations of buyers and investors and how to influence them. We are capable of identifying and making necessary adjustments that facilitate the quick sale of the apartment and, no less important, the sale at profit of tens and even hundreds of thousands of shekels compared to the original market price. Below on this page you may see examples of such projects we have successfully carried out.
It is crucial to understand that most buyers take a mortgage to pay for the apartment, whereas the finder’s fee and the legal fees are usually paid from their own pocket. Buyers see apartments priced close to their budget, and usually those exceeding their budget due to the high prices of the real estate market, but despite the budget overrun, they manage to obtain the mortgage from the bank. In this state of exceeding the original budget, it is very difficult to carry out renovation works and bear their costs that are also very difficult to know in advance. The experience teaches that even when a buyer likes the apartment, if the apartment is uninhabitable and requires renovation, he will likely choose to skip it due to the lack of budget and ask to see a similar apartment that is already inhabitable.
What this means to you is that even though your apartment was found suitable in terms of location and size, the buyers simply decide against moving forward because of its appearance. Sellers usually do not take into consideration the buyers renovation costs or how will they obtain the money to pay for the works. Yet, the buyers have certain limits within which they can afford purchasing a property. If we sell the property at its market price without making it look inhabitable, we will have to consider low offers or receive no offers at all, upon which the sellers usually make the wrong decision and start lowering the price of the apartment. Hence the slippery slope to other wrong decisions, and finally the apartment is sold as “a bargain” below its market price.
As said above, renovation works influence the price as well. Earlier we mentioned the “perceived value” related to the apartment appearance and affecting its worth. It is a kind of a price tag that people put on products and services based on a fleeting impression. That is, the tag does not necessarily reflect the real value. The same goes for apartments.
Imagine, for instance, two identical apartments, one of which is clean and inhabitable, and the other one is filthy and uninhabitable. Obviously, the clean apartment will be viewed as more valuable by potential buyers, and they will really be willing to pay more for it during the purchase. When buyers see what suits them, which means a clean apartment they can live in, they know what they are paying for and can deal with its price tag.
This is a kind of “make-over” or upgrade purported to make your apartment look more prestigious and attractive. To this end, we offer three different routes to choose from:
Preparing an apartment for sale – from a filthy, crumbling, tacky-looking apartment to an apartment one could live in. This is the fastest and most important route in which we deal with the weak points of the apartment: cracks in the wall, paint, pre-installed kitchen renovation, aluminum or wood windows, doors, and wall closets, lighting, sinking floor, bathrooms, thorough cleaning, neglected areas with poor aesthetics or functioning. Certain changes are made according to the interior designer’s instructions, and, if necessary, objects are added to the property for a more prestigious look.
Light renovation – this is a process that usually lasts for about 5 to 10 days during which we will make changes such as adding drywalls or a new kitchen. In this route, too, you may stay at home.
Thorough renovation – here we are talking about a major overhaul taking about a month to two months, during which period you will have to leave the house and live in an Airbnb rental at our expense.
If you think that funding the betterment works or paying for an Airbnb rental is beyond your financial capabilities, it is important for you to know that the entire process does not involve any expenses on your part. Yes, you heard it right: we take care of everything and pay for the renovation and the design, find you an Airbnb flat and pay for the entire rent period. Of course, we also take care of finding the buyers and selling the apartment. So basically, the only thing that is required from you is to give us the exclusive right of marketing your property.
You may ask, why we offer such comprehensive service at no cost on your part. The answer is that we know that with the right investment, your property can be sold at tens to hundreds of thousands of shekels above the original market price, which means we all come out on top. Come see two real-life examples.
To keep things simple, we will now give two examples of highly successful betterment projects. The first property belonged to an owner who was willing to sell his apartment at a price that was reasonable based on the market conditions. However, when we visited the apartment, we discovered a real treasure: the client showed us a 30-square-meter storage room with standard windows. It was stacked with boxes and had no value in the owner’s eyes. We immediately recognized an excellent betterment potential, namely turning the storage room into a profitable housing unit. The owner agreed to our offer to renovate the storage room, and after we made a complete make-over, the apartment was snatched at once. Furthermore, the lucky buyer lets the property at 10,000 shekel a month, which, of course, would not be possible without upgrading the storage room.
The second example is a project we did at an old Arabic house in the Greek Colony. It was a 4-room, 88-square-meter garden apartment with a 150-square-meter garden. The apartment had terrible accessibility and the garden was completely neglected. The pathway that led to the apartment was shaky and caused floods. There were dead trees and bushes that prevented the sunlight from entering the apartment. In addition, there were drywalls and an old planning that made the apartment look smaller. All this prevented buyers from seeing the potential of our magical garden apartment. Having invested 100,000 shekels, we built a stone trail with lighting and a water drainage, uprooted all the dead trees, and tidied up the garden. Inside the apartment, we disposed of waste and old furniture, broke down all the drywalls and opened up a big space, painted white, put up proper lighting, and finished with a thorough cleaning. For a year, the property owner had not received a bid higher than 2.8 million shekels, but as soon as our job was done, we brought in a buyer who paid for the property 3.3 million shekels.
Thus, by means of proper planning we turned a rundown apartment into a highly desired 4-bedroom garden apartment with an emphasis on its special character. Doubtlessly, it was a challenging project, because the property betterment depended entirely on highlighting its hidden potential. In this case, the renovation costs amounted to 100,000 shekels, and the profit we shared with the owner was 450,000 shekels.
It’s worth remembering that the slowdown of the real estate market is no longer a secret, and selling an apartment at the right price and at the right time is no longer a simple task. And since apartments are not as easy to sell today as they used to be, many homeowners are looking for creative and effective property betterment solutions. This is exactly the unique and groundbreaking response we offer. This said, we do not jump at any opportunity and what matters to us is, of course, the existing potential of the property and, naturally, an excellent chemistry with the owner. Keep in mind that this is a complex process that requires experience and proficiency, but given the right conditions, it’s a win-win situation for you and us, as well as for the buyers.
We renovate and redesign your property at our expense, and, in fact, bring a new product to the market – instead of an old neglected flat we sell an inhabitable apartment. And when we identify a great potential for betterment, we may recommend turning your apartment into a functional luxury apartment with zero unexploited space. In such a case, the owner vacates the apartment and receives an alternative housing solution – either a hotel or an Airbnb apartment for a period of up to two months, upon which the apartment returns to the market at a designated price. Once the apartment is sold, we are paid the finder’s fee and share with the landlord the profit gained due to the betterment.
The experience shows that every apartment can be modified and adjusted, resulting in a higher value at sale point. This said, it is important to emphasize that carrying out property betterment and selling it at good profit requires a profound understanding of all the stages of the process and market needs, as well as a great proficiency at interior design and architecture, and, of course, real estate marketing. We offer all of these in one package along with years of experience possessed by en excellent team of professionals, so we are worth talking to. For further details about property betterment and setting an appointment, contact Location Properties
