Preparation for Auction
We’ve finished our renovation of Apt 206, and now it’s Auction time.
In summary, the renovation has;
- Rejuvenated the Kitchen with marble benchtop, herringbone pattern tiled splashback and extra cabinetry,
- Additional lighting throughout,
- Creation of a walk-in wardrobe,
- Additional storage and a study area
- New Carpet throughout,
- Installed garden trellis on the balcony,
- Painted throughout
It’s taken us 4 weeks for completion of the renovation. The property has been staged and is now on the market.
Vicki at Laing Real Estate is on the job managing the sales campaign.
We decide on a 4-week auction campaign. The market seems to have softened a little and while we’re cautious about the prospects, the place does look amazing. The changes have improved the presentation.
Before we could get this place on the market, we needed to have the Strata Committee sign of on the renovation. This is standard practice and allows them to confirm that we did the renovations we said we would do and noting more.
The Strata Manager and the Building manager inspect the apartment.
They are impressed, and it all gets signed off. Both people have been in the building for many years, and they know it very well. Their impression is positive and gives us encouragement. They’re very familiar with recent sales in the building, and the comparable standard. This apartment presents very well.
The property is Open for Inspection
So far there have been 3 weeks of inspections. Each weekend we’ve had on average 6-8 groups per week inspect the property. Years ago, we had up to 30 – 40 per inspection, and even had one place with so much interest that the agent stopped counting the groups!!
But now the market is more cautious. So, the numbers are encouraging, but not convincing.
Amongst the groups are many owner/occupiers along with investors, singles, couples, adult children with parents…. and we’ve had 3-4 second and third inspections.
Encouraging, but no offers pre-auction…. yet.
The numbers need to stack up on the night….and the auction is a week away. Here, we go…. fingers crossed. We’ll review the numbers and let’s see if we can make some money off this flip!!