If needed, catch up on things by finding my original post about the house flip HERE.
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.
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!
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.
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!
Find my original post about the house flip HERE.
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Nice! Glad it was successful for you and your family!!
Thanks Ana :)
Y’all did an incredible job. It looks lovely and so happy you sold it and made a little extra.
Simply stunning renovation!
The interiors are absolutely stunning with your makeover. Great job.
Thanks Marty :)
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.
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!
Thanks so much Sally :)
All I can say is WOW-What an incredible job !! Such an eye for style.
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!
Elbow grease and hard work for the win! Congrats to you and Gran.
LOL, yes. Thank you :)
That looks great
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!
Thanks so much :)
You did such a great job on that house, it would only be surprising if it hadn’t sold! Congratulations.
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.
Thanks Dorothy :)
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. :)
Thanks so much Deb :)
Grandma would have been amazed.
That’s fantastic news Kristine! Well done to you all for your hard work :-)
Thank you Julie :)
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.
Wonderful news Kristine, your Gran is so lucky to have so much talent and love around her.
So great Kristine! And what a wonderful thing you have done for your Gran! ❤️
Such a great result! You’re improvements were inspiring, you should be so proud of yourself!
Thanks so much Lisa :)
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??? :)
AHAHAHA! it’s still going and I have been without a kitchen since the beginning of October last year.
I have had to learn a completely new skill that has never come easy to me – patience. And at this point all I want is to say goodbye to the erratic arrivals and departures of tradies while knowing that after they go all my stuff at Fort Knox has to be brought back and a home found for it.
Great result! Gran would be proud as punch, I’m sure of it.
There was no doubt in my mind that you’d sell it for a good profit. It was fantastic!
Thanks Mary :)
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.
Thank you Yvonne :)
Thanks for the informative article. This is one of the best resources I have found in quite some time. Nicely written and great info. I really cannot thank you enough for sharing.
WOW. Good work! Beautiful metamorphosis of the room.
Thank you so much for sharing your Grans house transformation it truly was amazing. So glad you have sold now. I have an interest in interior design and love to make my home the very best it can be we have recently moved into an ex rental which had good bones and needed lots of love. Your post is inspiring love to see other people like me who want beautiful environment to live but are on a budget. So very glad I found your post by chance this morning am now inspired to get on with making my home a house to be proud of.
more modern and look Scandinavian style, great Job!
Impressive transformation! Love the use of white paint on the existing wood paneling to brighten and give the great room an open feel – simple yet effective. This is also a great example of ‘less is more’ when designing a space. Very nice work all around.
Hi there, Fantastic post, i honestly enjoyed this and helped me out a bunch, thanks.