‘Cross’ property Sydney NSW (Belinda Smith)
Purchased an old house at $860,000 (knock-down rebuild project) in 2007 and lived in it for 3 years
2010 – 2011 New build and convert old garage into a pool cabana. Spend $621,500
Year 2012 Sold price $1,900,000
Gross profit $418,500
This property was purchased with the intention of building a family home to live in long term. A 5 bedroom, 4 bathroom, 3 living project home was built with higher quality fittings to suit the types of homes surrounding it. Soon after completion, top offers from Real Estate Agents and the opportunity to clear bank debt became too tempting, so the house was flipped. This house set the local weekend record for the number of people through on the first open for inspection. A major selling point was the landscaped backyard, pool and pool cabana. Converting the garage into a pool cabana cost just under $25,000.
Type property, real estate
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