Lisa and Jeff – Mayfield, VIC

Real Estate Rescue Graduate

The Background

This property was on the court list but also on market. Lisa & Jeff were able to secure this property for an under market price. However, the property needed a lot of renovations due to the condition it was in. Lisa & Jeff were $15k-$20k over budget on the renovation, which was a key learning for them. After 8-9 weeks on the market, Lisa & Shane were able to sell the property for a profit.

The Number

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

Expense Cost
Purchase price $457,500
Buying Cost $17,197
Holding Cost $5,303
Renovation Cost $95,000
Selling Cost $15,000
Total Cost $590,000
Selling Price $625,000
Profit $35,000

After Renovations

Kitchen After

Living Room After

Room After

Front House After

Top Learnings:

  • Don’t try to purchase a house the week before Christmas.
  • You can negotiate anything if you just ask…early access, structural renovations, extended settlement and 3% deposit.
  • To stop procrastinating and get off the bench and do it.