Double Up Challenge: Can you double your house value in 3 to 5 years?
We believe you can and we're trying it out with the house we bought in Park City.
Here’s how it works... the price you buy it for is the starting point. The end point is the price it’s valued at. If you analyze the data, pick wisely and invest in the right fixes in the house as you go along we believe you can predict a "double up".
Here’s our strategy we are using for our "double up" challenge:
Step 1: Location - Find an area that has the right potential to double up. That means you see houses in the same area going up to double the price.
Tip: Resort towns like Park City are a great place to find these areas.
Step 2: Great bones - Find a house that has the bones to be in the double up price range. Analyze the data of the houses in the double price range to know what these are. Tip - Square footage, number of garages, property size are examples.
Step 3: Strategic fixes - Fix up with the vision of the future not the current value. That means the top features you’d see in a house listed in the price range you’re aiming for. Tip: Do the high equity increase changes first (like large view windows), then you can use this equity to do the bigger changes needed.
I’d love to hear what you think of the double up challenge. We’ll be posting our journey and learnings along the way as we try to double up with our Park City Mountain fixer.