$32,000 Gross Profit on a $385,000 purchase (yes, in Auckland, and yes...Three bedrooms in a decent area).
Are you a numbers person or a pictures person?
Well, here's both.
Disclaimer: Nothing is this article is meant to constitute financial advice of any kind, and is the opinion of the author only. Seek professional advice before making any financial decision.
Check out the awesome transformation in the photos for this trade in Manurewa.
First, check out the numbers (all numbers GST exclusive):
Purchase Price: $334,783 ($385,000 incl GST) Sale Price: $434,783 ($500,000 incl GST)
Renovation Costs: $33,000 Holding Costs: $10,500 Solicitor Costs (x 2 total): $3500 Rates, Insurance, Other: $1000 Agent Fee: $20,000
Total Costs: $68,000
Profit (after GST is paid but before tax is paid): $32,000
Not bad for a first-time trade aye!
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