Sunday, March 9, 2014

Renovation Finished & SOLD!

It all happened so fast. Our renovator finished the renovations a few weeks ago. While we were waiting for the photographer to take the photos, we put up the for sale sign at the front window. Then before we even had a chance to list, a realtor called. Before you know it we had an offer. This Friday we officially sold the place.

Here are the final numbers compared against originally planned.

$215,000 purchase
$20,000 renovations (the townhouse is similar to Mom & Dad’s townhouse we just renovated) $15,000 for Realtor fess, lawyer fees, etc.

Estimated Cost: $250,000
Estimated Sale price: $290,000

$215,000 purchase
$18,622 Renovations
$19,984 Realtor Fees, Lawyer Fees, Condo Fees, Utilities, Property Taxes, Interest payment etc.

Actual Cost: $253,606
Actual Sale Price: $293,500

So we made $39,894. About $106 less than the $40,000 we estimated. Not Bad! To be honest I think we got very lucky because the Calgary housing market is pretty hot.  But $40,000 good profit so if we had a hard time and the time on market dragged on we were prepared to take less profit.  Also, the rental potential is great for this place so that was going to be our backup plan. 

Now we are pumped to find the next project.


Calgary Realtor said...

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