How much did Palm House cost? Here's the shocking profit Bargain Block's Evan and Keith made off $1,000 home
While this week's Dormer House put Keith Bynum and Evan Thomas to the test — right from the steep price they bought it for to the extensive renovation work — putting that home together wasn't easy. Luckily, the duo also stumbled across the Palm House, which was like a breath of fresh air.
Rarely do you see abandoned homes that don't need a complete overhaul. With the Palm House, there were a lot of elements already in place, making the renovation job a much easier task than anticipated.
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How much did Evan and Keith purchase the Palm House for?
The Palm House seemed like a breath of fresh air, seeing that it was in decent condition. The duo purchased the home for a measly $1,000. This was definitely a steal, seeing that the attic of the house was in liveable condition and that the home had been re-wired as well, saving them an additional $3,000. With some demolition done and walls set up too, Evan and Keith had their work cut out for them.
How much did the renovation cost?
The Palm house was a cakewalk and the duo believed that it was possibly abandoned twice — there was already a bit of renovation work that was already done. The house did not need a massive overhaul and allowed them to budget their renovation costs at $45,000.
What was the creative vision for the house?
Tropical, breeze and all things Palm Springs was the theme for the Palm house. Keith went with a stunning mural in the living room that added to the tropical vibe. In the kitchen, they created an 'inverted palm tree', by painting the walls pink, using wooden shelves and a wooden backsplash and green cabinets. The home was filled with wood accents, the wood fringe headboard in the downstairs bedroom was a real crowd-pleaser. Even the furniture had a beachy vibe, seeing that Keith went with a tropical theme carpet, palm tree candle holders and a stunning bamboo bookshelf, all of which were thrift store finds.
How much did the house sell for?
Although the Palm House sold rather cheap, making a profit off it was essential. The home sold for $81,000, which happened to be $2,000 over the initial asking price, which was $79,000.
Seeing that the Dormer House sold for $99,000 and the Palm House sold for $81,000, the duo made a profit of $25,000 on the former and a profit of $35,000 on the latter. The combined profit this week amounted to a grand total of $60,000.
Catch all the new episodes of 'Bargain Block' on Wednesdays at 9 pm ET/PT on HGTV.
