Did the developers keep to their budgets, or did they overspend and reduce their profit margins?
Bought for: 320,000
Budget: £127,000
The average of the three valuations came in at £543,000, giving Mike and Sally a fantastic potential £96,000 gross profit. In the end, though, they decided to move in to this development to start their next.
Bought for: £230,000
Budget:£100,000
The flats came in bang on budget, and Mike sold all four for a total of £440,000. He walks away with a cool £110,000 gross profit.
Bought for: £225,000
Budget: £40,000
Actual Spend: £118,600
Tina's overspending took the pair wildly over budget. The average of the three valuations came in at £318,000, which would make Craig and Tina a massive £25,000 loss.
Bought for: £426,000
Budget: £250,000
Actual Spend: £375,000
This time, despite an overspend of over £100,000, valuations from just under £1.3 to just over £1.4 million means that Craig should make a comfortable profit of between £242,000 and £309,500 with his 50% share.
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