Life - its not all beer and skittles

Final touches being completed now. Everything is starting to look good and completion will be by the 1st.

The valuer was in today so looking forward to seeing what he has to say next week (fingers crossed). Profesional photographer goes in on the second.

Here are some pics

Blacky

hey Blacky

these are looking pretty schmick, congratulations.

is the flooring bamboo?
 
Final touches being completed now. Everything is starting to look good and completion will be by the 1st.

The valuer was in today so looking forward to seeing what he has to say next week (fingers crossed). Profesional photographer goes in on the second.

Here are some pics

Blacky

Love the flooring.
 
is the flooring bamboo?

Indeed they are.
Bamboo on the gf carpet to the bedrooms upstairs and on the stairwells.
I um'd and ah'd over carpet over wood floors throughout. In the end I went with a dark carpet which offsets the light rooms well.

I think it works ok.

Blacky
 
A pic of the carpets.
 

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I am almost going blind, but I think I like the one in the corner, but perhaps a tad darker.

I saw Westminster's Gwelup development last Thursday, the carpet she selected is possibly the way I am going it looked great and also I think commercial grade.

Cheers
MTR:)
 
Well, mark this date in your calendars! I know I will be.
Today I recieved notice from the builder that works are complete! Its a momentus day for me!

Its not yet the end though. I still need to get one sold, two rentend and sort out with the bank to get some of my money back out of them.

Still - its a milestone and tonight I will celebrate.

ahhh... thats me breathing a sigh of relief.

Not much will get me down today :D

Blacky
 
Well, mark this date in your calendars! I know I will be.
Today I recieved notice from the builder that works are complete! Its a momentus day for me!

Its not yet the end though. I still need to get one sold, two rentend and sort out with the bank to get some of my money back out of them.

Still - its a milestone and tonight I will celebrate.

ahhh... thats me breathing a sigh of relief.

Not much will get me down today :D

Blacky

Wonderful
What do you think it will sell for in this market???
 
What do you think it will sell for in this market???

My REA is confident of hitting $850k. They will hit the market at that level.

I have done my numbers at this stage on $825k.

Rents around $750/wk.

They were advertised already, and generated a lot of enquiry. REA must have shown about 10potential buyers through while it was still in construction. Now they are finished, will be interesting to see, as the finishes make a lot of difference (esspecially THOSE floors :eek:).

Im keen to see the vals later today.

Its a bitter sweet victory. Myf beat me by about 2 weeks :confused:. So close, yet so far.
I look forward to buying her lunch on the 26th.
Though I do take a 'technical' victory in that my titles are already issued...:p

Blacky
 
Immaculate finish mate.

WA development expectations are far higher compared to VIC, when comes to comparing apples with apples.
 
The vals are in.

They came in at exactly $825,000 each. I dare say that the valuer is lazy and the bank said what value was 'needed' for the loan approval - and guess what the value came in at? I think if push came to shove I could get a higher value, but its fine for now.

So the final numbers
Purchase $711,500
Purchase costs $50,000 (includes stamps and BA)
Build costs $1,300,000
Other costs $130,000 (design, subdivision etc)
Holding & Other costs $35,000
Interest $220,000

Total costs $2,446,500
End value ($825k x 3) $2,475,000

Grand total profit $28,500 (1.16%)

The "other costs" include project management charge, as well as re-applying for building licenses etc which is why it is so high.
I settled on the block on the 29th August 2008, construction started in about April 2013. Total build time was a touch over 12months (after loosing about 12weeks to rain).

So with selling one, and keeping 2 I will at least get a good chunk of the equity back. Plus given my gearing they will be about neutral CF.

Its taken 6 years to come out with a total profit of under $30k. I could have put the money in the bank and earned more... however, wouldn't have learned anything and in many aspect I think the learning is invaluable. Its been a journey, not always a fun one, but Ive learnt a lot and come out the other side without going broke. So thats got to count for something right?

Its all onwards and upwards from here :D

Ill keep the thread open until we have them sold/rented. But otherwise, thats about all folks.

Blacky
 
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