The client wanted a luxury ski vacation home that could sleep 24+ and command top rents year round. The budget was 65K for over 5,000sqft and the home needed to be ready in only 8 weeks for an already accepted rental.
Rental Yield Before Renovations: 4.8%
Rental Yield After Renovations: 17.5%
Increased Rent per Dollar Spent on Renovation: $0.76
Months To Recoup Renovation Costs: 16 Months
Total Budget: $65,000
Timeline: 8 weeks
Project Parameters: 3 structures, 5000 sqft,
* Yield after renovations includes the cost of renovations
The Client wanted a luxury ski vacation home that could sleep 24+ and command top rents year round. The budget was 65k for over 5,000 sqft. The home needed to be ready in only 8 weeks for an already-booked rental.
In order to hit our budget of 65k, we had to get really creative. If a neighbor had a really good looking rickety fence in their backyard or crumbling barn, they soon found us knocking on their door asking if we could 'take it off their hands.' We harvested sapling trees growing in the back of the property and used it as quarter moulding for the rooms and as our stair bannisters and rails. The bulk of the furniture and light fixtures were built by hand (often using scraps from other areas of the project!) to cut down on costs and to work with the many idiosyncratic qualities of the existing structure.
With only 8 weeks for design, demolition, re-build and finishings, the work speed on this project was cutthroat. With 2 men living on site full time, working 12-14 hour shifts, and a volunteer weekend crew, we were able to finish 2 days before our deadline.
The end result was a completely customized creation with just the right pops of color and unique design elements that would make it difficult for would-be renters to say no. With enough sleeping areas to accommodate over 24 people, 3 living rooms and several flex spaces, the rental capacity is endless. The chief goal was to design a space that is rentable year-round - during the winter months as a ski vacation home and as a wedding destination in the warmer months. This home has been booked every week of the year since completion. We know that imitation is the sincerest form of flattery - so when we saw principle elements and design themes copied by a Boston-based design firm for a home just 2 miles away, we knew we did something right. They even called it The Farmhouse! You can check it out here.