House #32: Budget Recap

May 16, 2012 · 2 comments

The Unexpected House has been under contract to sell for about 7 weeks now, and we’re just waiting for the 90 day deed restriction to expire so we can legally sell the property. Because we were able to get the house under contract before it went onto the market (we actually had three full-price offers prior to listing), we never took any final pictures, so unfortunately I don’t have those to provide (though I’ll try to snap some before we sell).

I mentioned previously that our goal was a $20,000 rehab and a resale for about 110K. In terms of resale price, it’s under contract for more than we had planned, but the appraisal came back a bit low, so we’ll be lowering the sale price by about $4000. It’s still near our resale goal though, so I’m not going to complain, but because this property will likely serve as a comp for The H2O House, that property will now appraise for a little bit less.

In terms of rehab budget, we came in about $1400 under our projections. Below is a detailed breakdown of the final budget numbers:

Total Final Budget

This includes the small cost of repairs for the issues found during the buyer’s inspection, so hopefully this is the final renovation tally for the project.

2 responses to “House #32: Budget Recap”

  1. Dennis says:

    I am a bit curious where the $556 for Finish Plumbing went. It does not appear in the total cost column that I can see. Just askin’…..

    Overall, you should be commended for hitting your estimate/actual costs this close.

  2. J Scott says:

    Hey Dennis –

    Whoops…looks like I didn’t populate that “Total” cell for some reason. But, the totals stay the same — the “$16,196.19” is populated by the two figures to the left of it (the $9346 and the $6850.19), not from the column above, so that total and the grand total is still correct (and it matches up with my Quickbooks, which is the important thing :)).

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