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.
