Blodwen Street – Construction Ends – On the Market
[featured-img]We are so pleased to announce that our first flip project is on the market, the rightmove link is here. Selected a good agent that has taken some great photos and created a good description of the property. Reminded them to make the garage a feature of the property, but otherwise they got the property up on the web very quickly.
The carpets where installed last Monday. The final clean up completed by the builders by Wednesday. Place was ready to sell. The agents took over on Thursday and listed the property by the weekend.
Below is an analysis of the business decisions we made about materials, work to do and how it was managed.
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Business Decisions to get it on the market
Given the price ceiling in this street, we left a few things for the new owner to do. Things like the garage door is very difficult to open. The garden could be tidied up some more. However this is money better in our pockets, it is a business after all. Doing these things would not sell the property any faster, nor improve the sale price.
With this view in mind, on build materials we also went with cheapest type. Kitchen doors and a lino floor as opposed to tiles that we would personally prefer. These are the standard for the neighborhood.
The final build bill, without materials came to £7,xxx plus materials. The materials we purchased are new kitchen, upstairs shower room suite, including wall tiles, and floorings, total of £3k.
Overall 6.5K less than the estimate of the sourcing agent budget. Which is lucky as the likely selling price estimate is at least 3k up to 7k less than their GDV. One lesson we have learnt is to call a local agent to talk about the streets and their value in an area. The local agents are super valuable sources of information.
We are looking for a fast sale, ideally completing (that is settling in Australian) in 6-8 weeks so we can get on with the next project.[/s2If]