House #2 in CT a Success

[Brian Pulaski]

I decided to hold off on this post until after the closing, which took place yesterday afternoon. This is actually house #3 I purchased, however the purchase closing happened faster than house #2, and being a light rehab went quicker. I bought the home on November 3, 2015. Until mid December I had the exterior painted, and did some minor demo. It wasn't until mid December that work really began. From mid December until February 10th the house was renovated. The major rehab work was kitchen, bathroom, windows and then the basic floor refinish, paint, lighting etc. On to the specs:

1952 816 SF ranch, 3/1 with a detached 2 car garage. Nice yard, nice houses around it. It was listed for $99,000. The price then dropped to $84,900. I offered $80,000 and it was mine. I anticipated $24,275.00 to renovate. With an anticipated however aggressive sales price of $140,000, after closing and holding costs I was projecting a profit of $27,625.00.

The final numbers were:

Purchase $80,000

Renovations $25,141.86

Sold Price $144,200.00

After all closing costs profit was $29,049.22

As you can see I went over budget, however I did sell the house for what I wanted after only 2 days on the market. I never even got my for sale sign in the yard!! My budget overages were due in part to the purchase of staging furniture, which I am carrying as a loss, however will move to other houses. I also found some termite damage that needed addressing. Some in the corner of the kitchen, which was cheap, however a fair amount in the garage found during the home inspection (for the new buyer). I had to pay for the wood repair and termite treatment. This combined was $1,440.00.

Before Photos: