How our Buy-It-Right consulting program works
Phase 1: Discover & Define
As with all our programs this begins with the Discovery process to study your goals, complete a lifestyle analysis and define the scope of your project. To ensure the ‘Buy It Right’ acquisition consulting is the right solution for you it’s critical that we begin by discovering and defining exactly what “dream home” means to you.
First and foremost we need to make sure your general design goals and budget are realistic and in alignment. We do this by analyzing your timelines, general design goals, functional requirements, target neighborhoods and overall budget to create an general feasibility analysis for your project.
Once we confirm that your goals and budget align we guide you through our exclusive Design Clarity System to draw out and clarify your design goals and define your personal design preferences. This stage of the process is essentially the same as for a new design client, since after finding the right fixer-upper we will immediately roll into our full-service design + Build Management process.
At this point we will have a clear hierarchy of your “musts”, “shoulds” and “wants” for your renovation, gut-rehab or custom home project. Only when we have complete this step are we armed with the knowledge we need to effectively begin screening and pre-qualifying for the right property for you.
Phase 2: Find & Prequalify
Next it’s time to go on the hunt to find a home with “good bones.” The ‘Buy It Right’ program is consulting based. This means you can take advantage of our acquisition consulting even if you currently are in a working relationship with a Realtor. If you don’t yet have a commitment to an agent or brokerage you’ll work directly with John-Paul benefiting from his 25+ years real estate investment and development experience.
How it works! Download the property acquisition consulting flow-chart.
The acquisition consulting we provide through the ‘Buy It Right’ program allows you to benefit from our extensive design and construction experience gained on our own designer spec home projects. We are able to see the structural and expansion potential lying dormant in an ugly duckling. We can identify many of the hidden challenges that could blow your budget.
During the property pre-qualification phase we complete market research that allows us to project the post-improvement value of the property. This information allows you to see what type of equity position and return on investment you’re likely to have upon completion. Most importantly, all of that analysis is done against the benchmark of your clearly defined design goals and the costs necessary to achieve those goals.
This is information is then provided to you in a property-specific feasibility report so you can make the most educated buying decision possible. The ultimate goal of this phase is to help you prequalify a fixer-upper that gives you the right foundation for your renovation, gut-rehab or custom home project BEFORE you buy.
Phase 3: Buy At The Right Price
Just like the right fixer-upper will have certain structural conditions that will make or break your budget, buying at the right price relative to your overall budget is critical to making a wise investment. We understand how required changes to the property will impact your overall budget. And we can advise how the total investment cost (home purchase, design and renovation) will impact the appraisal value after design and construction so you can approach your custom designed dream home with an investors’ mindset.
Next — The Design Process
Once you have the right property secured, the Studio 818 team picks up with our full-service Design + Build Management service for your whole-house renovation, gut-rehab & expansion or new custom home. You can learn more about those services here.