Hi All
Just thought I would share the progress and numbers on first 3 unit/villa development south of Perth.
The site will be demolished in about 4 weeks, signed up with the builder and finance sourced via Homeside.
Each villa in total is approximately 140 sqm (3x2), including double garage.
Land/stamp duty - $550,000
Total Build - $579,000
Holding costs - $30,000
Associated costs - $52,000 (headworks etc)
TOTAL: $1,211,500
END VALUE TODAY: $1,520,000
PROFIT: $308,500 (approx. 25%)
Agents fees and GST (approx. $20,000) need to be deducted if I sell.
For your information these villas will rent out for $500 per week ($78,000 pa gross), interest on loan will be $60,000 pa.
Will post photos when there is something worth posting May be a while
Cheers
MTR
Just thought I would share the progress and numbers on first 3 unit/villa development south of Perth.
The site will be demolished in about 4 weeks, signed up with the builder and finance sourced via Homeside.
Each villa in total is approximately 140 sqm (3x2), including double garage.
Land/stamp duty - $550,000
Total Build - $579,000
Holding costs - $30,000
Associated costs - $52,000 (headworks etc)
TOTAL: $1,211,500
END VALUE TODAY: $1,520,000
PROFIT: $308,500 (approx. 25%)
Agents fees and GST (approx. $20,000) need to be deducted if I sell.
For your information these villas will rent out for $500 per week ($78,000 pa gross), interest on loan will be $60,000 pa.
Will post photos when there is something worth posting May be a while
Cheers
MTR