Its difficult to take an awkward outdated property into a successful well organised home. And it’s a mistake to think that a small developments is an easy way to make money.
However Amiya Kagiwala and Tracey Hamilton are aiming to meet this challenge with a relatively low budget, which breaks down as:
Initial Budget
Purchase Price: £375,000
Budget: £25,750
Sale Price: £450,000
Profit: £49,250
Budget Breakdown
Garden: £500
Kitchen: £2,000
Bathroom: £2,500
Windows: £3,000
Decoration: £2,500
Heating and Electrics: £1,000
Fees:14,250
Total: £25,750
Final Budget
Garden: £650
Kitchen: £7,700
Bathroom: £4,100
Windows: £3,200
Decoration: £3,600
Heating and Electrics: £9,000
Fees: £20,730
Project Manager: £3,000
Contractors and Materials: £19,500
Fireplace Removal: £2,700
New Fireplace: £2,500
Dressing House: £7,000
Total: £83,680
This means that if Tracey and amiya sell the house at their original target price they will lose money. They need to sell this house for £452,000 just to break even.
