Gran’s House is SOLD!

If needed, catch up on things by finding my original post about the house flip HERE.

Budget Friendly DIY House Flip

Sorry, I kinda drank all the champagne already.

Seriously though, for a rural house which had proved impossible to sell prior to our flip we achieved a great result. It was certainly bubbles-worthy.

We received several offers (the first of which came on the very same day it was listed!) and, after just three weeks, we accepted one for $340,000.

Bedroom Refresh

Although it was slightly below listing price, it amply covered all our costs. My mum didn’t even attempt to negotiate!

The fact is, this flip was never about making money. We simply needed a sale! Having sat on the market for years prior with absolutely no interest, gran’s sudden move into an aged care facility gave a new sense of urgency to things. Our main objective in refreshing the property was merely to find a buyer. Any profit was always going to be little more than a lovely bonus. All we wanted was a respectable enough price to cover gran’s aged care costs along with a relatively quick sale (in order to combat the compounding interest fees associated with the nursing home).

Luckily, we got both – and more!

Bedroom Before and After

To summarise the financial side of things, we received two appraisals prior to our refresh. One was $260,000 and the other was $280,000 (conditioning we made the property more presentable). In the interest of clarity, let’s create a mean and say the property was originally valued at $270,000.

We spent a total of $20,000 on the flip – $7,000 on the interior, $13,000 on the exterior ($10,000 of which went on replacing a large unsafe deck). This $20,000 covers absolutely EVERYTHING, including all furnishings.

So, this takes the standing total to $290,000.

In all honesty, this was the kind of figure we were expecting from the new appraisal. Remember, we weren’t trying to make a profit, just incite a quick sale.

Imagine our surprise when the agent quoted $359,000! That’s an increase of $69,000!

I have little doubt that given the luxury of more time we would easily have achieved this figure. That said, having accepted $340,000 we still far exceeded our expectations with a technical profit of $50,000!

Such an amazing result for gran.

House Flip Before and After

As already mentioned, this refresh was never about revenue however it does show what is possible. And for someone who has always loved the idea of renovating for profit, it’s actually pretty exciting!

Thanks so, so much to everyone who offered their good luck and well wishes. Seems it worked!

 

Signature

Find my original post about the house flip HERE.

 

 


38 Comments
  1. Ana says:

    Nice! Glad it was successful for you and your family!!

  2. Rachel says:

    Y’all did an incredible job. It looks lovely and so happy you sold it and made a little extra.

  3. B Kaz says:

    Simply stunning renovation!

  4. Marty Oravetz says:

    The interiors are absolutely stunning with your makeover. Great job.

  5. Olivia says:

    Your flip looks every bit as impressive as the ones I see on TV. I think your sense of style really sold the house. You made it look so much bigger.

  6. Sally says:

    Congratulations! Thrilled for the result for you and your family. No one who follows your blog could ever have doubted you’d be able to achieve this and so much more!

  7. Julie says:

    All I can say is WOW-What an incredible job !! Such an eye for style.

  8. Linda Istad Brandt says:

    This is great to see….I did the exact flip for my mom’s house as she was admitted into a nursing home. I was able to visit her there for three years and rent it as an Airbnb when not in town. Mom died in December and so I am selling it after putting in $13,000 and the open house is today. I have bought another house to remodel in my home town where I will have two airbnbs and a “granny flat” to visit my grandson who also lives in my hometown. I have confidence in this investment after knowing the numbers of the first experiment.

    • So sorry to hear of your mom’s passing. Though congratulations on your investments. Sounds like you’re onto a super good thing. Best of luck with it all!

  9. Alison says:

    Elbow grease and hard work for the win! Congrats to you and Gran.

  10. Lizz says:

    That looks great

  11. tegma says:

    Fantastic job on the renovation! How refreshing the house looks now! It just goes to show what a lot of work and some paint etc. will do! I’m sure that’s encouraging to many! Thanks for sharing with us!

  12. Lee Ann says:

    You did such a great job on that house, it would only be surprising if it hadn’t sold! Congratulations.

  13. Dorothy says:

    That’s wonderful! I’m very happy for all of you. This is an excellent object lesson on how a small investment can reap great rewards. Congratulations. Enjoy the bubbly, you earned it.

  14. Deb from Maryland says:

    That is great news! I know that was a load of stress off your family’s shoulders. It was nice to see the after pictures again – so well done. :)

  15. Brette says:

    Grandma would have been amazed.

  16. Julie says:

    That’s fantastic news Kristine! Well done to you all for your hard work :-)

  17. Cheryl says:

    How fantastic and what a relief to have it sold!! I had organise the sale of my Mum’s unit when she went into a nursing home 2 years ago. The stress of cleaning it out, getting rid of furniture, getting it sold, getting Mum settled and all the finances nearly sent me round the bend. She too was paying interest in the nursing home (still is as her money didn’t cover the whole price) – it is so incredibly stressful – handling someone else’s money with all the government paperwork, so I’m sure your Mum will be so happy this part is done. Great job Kristine, really happy for you all.

    • Oh yes, my mum and my aunt almost went crazy trying to arrange (and understand!) everything. And it was all made harder by the fact my gran lives in Lakes Entrance and we’re all four hours away in Melbourne. So relieved it’s basically finalised now. Was a lot of hard work though so worth it.

  18. Robyn Smith says:

    Wonderful news Kristine, your Gran is so lucky to have so much talent and love around her.

  19. Lois Krause says:

    So great Kristine! And what a wonderful thing you have done for your Gran! ❤️

  20. Lisa Wisher says:

    Such a great result! You’re improvements were inspiring, you should be so proud of yourself!

  21. Robyn says:

    Brilliant news, but totally deserved. You did such a great job on the refresh and the price you settled for proves it! Well done Kristine.

    • Thanks so much Robyn. So glad it’s done and dusted. How’s your place going??? :)

  22. Sam says:

    Great result! Gran would be proud as punch, I’m sure of it.

  23. Mary says:

    There was no doubt in my mind that you’d sell it for a good profit. It was fantastic!

  24. yvonne says:

    I couldn’t believe the difference when I saw the photos originally but seeing them for the second time is amazing!
    So pleased for you and your family that all the hard work paid off.

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