We have now made the decision to on sell the option on the home we live in.

 

I have spoken with 4 separate agents and the feedback I am getting is that the house is worth between $50 and $100K more than the value of our option (great news) but we will need to spend some money to get it up to scratch and ready to sell. As we are approaching Spring and our option expires in February next year, I cant waste any time.

 

I need to do the following: change door handles, replace some ceiling lights to add a bit of WOW factor, repaint internally (most expensive) and remove the tiles on the entry kitchen that have been laid on cypress pine floorboards and are severely cracked.

 

i have worked out my costs will be around $15K. Now if we don't get a high enough sale price, this money will go down the drain. I have to be extremely careful.

 

I want to get the property on the market within 1 month so I have a lot of work to do.

 



New to Blogging

Hi, I am a property developer based in Sydney. I am married with 3 children and work 4 days a week following my career passion and play the rest of my week with my loving husband and beautiful children.
I decided to write a blog as I love what I do and think there might be some other people out there who might also be interested in what I do. I have picked up some great experiences and tips along the way and would like to share some of these.

As I am new to this I don't know exactly how this will unfold but thought I would start by talking about some deals I am working on at the moment and how they started and where I am hoping they will head.

Firstly I will start with our home. We live in a leafy suburb of Sydney and are surrounded by owner occupiers ie people who own their own homes - well usually they own a portion of their own homes and the banks own the rest. We have decided to do things differently. Rather than saving up the deposit, getting a mortgage then paying huge amounts of interest per week to the bank with no rental income to offset this and no tax deductions, we have decided to rent and put our money into investment properties. This means we have rent to help us with the mortgage, tax benefits of negative gearing and offsetting costs against our income, exposure to the property market, the ability to claim part of our rent against tax and as the properties we buy are at a lower price point than a home in the area we live, we have exposure to a number of different areas allowing us to spread our risk.

The home we currently live in is a lovely but old 4 bedroom, 3 bathroom, 2 storey home on nearly 1200sqm with a granny flat. We have negotiated a rent to buy scenario whereby we have paid an option fee to the vendor, agreed on a sale price and have exposure to any upside in the market in this area without needing to go to the bank for a loan. Its a great deal if the market moves in our favour. if the market goes down we just walk away.

We have also negotiated with the vendor that we can do some work to the property to add value at our expense. It is this deal that I would like to start blogging about with before and after photos, reno ideas, feedback from agents about current value and our decisions going forward.

Watch this space !