Lyra Circle : The First Flip

Renovation Portfolio

The First Flip

Potential Values: A Hidden Gem

Kronos Realty Groups’ renovation/house flipping journey started almost by accident. I was looking for a home and couldn’t find anything that interested me in my price range.  I eventually found a desirable house close to town and in a great neighborhood, however it wasn’t in the best condition. 

It was my best option and undervalued, so I decided to purchase and renovate it myself with the intention of living there.  When completed, it was worth much more than I expected so I sold it and this business was born.

I learned 3 major lessons: 

-You make money when you buy, not when you sell

-Understanding the comparable homes on the market is paramount

-Budgeting in the right places can maximize profit 

See Renovation Details

Update Plan:

Replace Floors

Modernization of Major Areas

Finishing Details

Home Buy Price:

$237,500

Renovation Costs:

$19,000

Days On Market:

5 Days

Final Sales Price:

$300,000

Goal: Unique, Modern, Upgrades.

New Floors. New Space.

One of the most impactful items in a renovation are floors. With new floors, living spaces transform with a completely different look and feel over a large area. For our Lyra project, we updated all the flooring with new carpet upstairs and tile in the living space downstairs.

  • Updated Carpet
  • Updated Floor Tile

 

Kitchen Modernization

In order to compete with the current market, Lyra needed unique and on-trend updates.

For the kitchen we created clean lines with a subway tile backsplash and mirrored the pattern with larger floor tile. To modernize the area, lower cabinets were painted gray, which we contrasted with white uppers. Tying it all together we used a unique granite peppered with White, Gray and Black.

 

  • Kitchen Make-Over:
    • Added Backsplash
    • Painted Cabinets
    • Added Granite Counters

Finishing Touches

Small details pull everything together and highlight the importance of finishing touches. To complete the modernization of the house we changed ceiling fans, upgraded bathroom light fixtures, replaced faucets, and added framed mirrors. We also showcased the big backyard by adding a back deck. 

These little touches may seem insignificant, and yet they show buyers that every area -every single line item- was thought out in order to create a beautiful, cohesive space.

 

  • New Light Fixtures
  • New Faucets
  • Framed Mirrors
  • Added Backyard deck

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