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
