Anne & Stuart – Mount Pritchard, NSW

Real Estate Rescue Graduate

The Background

Anne Marie and Stuart were able to secure this ex Department of Housing property through leveraging their negotiation skills. This was an older property that required quite a bit of renovation. The property went to auction, and after going head to head with another potential buyer, Anne Marie and Stuart secured the deal through post-auction negotiations with the Department of Housing.

The Number

These costs include the purchase price, stamp duty, holdings, renovations, and relevant adjustments, including the selling costs.

Expense Cost
Purchase price $481,000
Reno Cost $77,170
Stamp Duty $17,135
Interest $887.67
Holding Costs $3,720 + $222 per day (interest costs)
Agent’s Fees $12,150
Advertising $3,299
Conveyancing $2,000
Selling Cost $12,700
Total Cost $597,361
Expected Sale Price $675,000 to $699,950
Projected Profit $72,057 gross on $675,000

Before & After Renovations

Before Bathroom

Before Living Area

Backyard Before

Kitchen Before

Living Space After

Bathroom After

Decking After

Kitchen After

Top Learnings:

  • Sometimes it might be easier to replace than repair (i.e. new gyprock instead of repairing old)
  • Check items immediately when you purchase them – even if it’s ahead of time – to save the hassle of exchanging them, if broken or damaged
  • When buying an older house and it has clay pipes, get a CCTV inspection done before purchase so that you can negotiate if needed
Andrew Hamer - Dromona, VIC