The biggest investment for most people is their own homes. Many downsizers are attracted to selling their PPRS (Primary Place Of Residence) and buying a smaller home with some serious money left over for holidays, quality of life or investing.
Now, there are so many benefits to doing this and in this story, you will see why…
Selling Their PPRS (Primary Place of Residence)
I had a quick chat with Sue on the phone to get to the bottom of her over $300,000 profit!
In June 2016 our girl Sue began her renovation training at our school and secretly revealed she was just about to spend $3,500 on her front door just before she started (Phew! Thank goodness we stopped that from happening)!
The strategy she came home with was, renovate the family home to get the best possible price when selling. Downsize and use the funds to start renovating as a full time job and start a property portfolio. Well Rome wasn’t built in a day but you have to map it out…
So here is what happened once the Fulleton’s finished our training day:
- They had the kitchen resurfaced and kept the benchtops
- Had the oven professionally cleaned
- Kept all the furniture but updated all furnishings (who doesn’t love a shopping trip)
- Replaced all the artwork in the home
- Depersonalised every room and hired storage
Here are the figures:
- The house was valued at 1.5million before the renovation.
- They borrowed $70,000 and it took 6 months to complete as they were living in it at the time.
- They sold for $1.88 million which was a record price for the Berkley Grove in Rouse Hill.
Now they can downsize and know exactly how to keep the nest egg growing for retirement. They are both ecstatic with the result and can’t wait to do it again!