Anyone been watching this Action Squad on T.V.
Was watching one last night (the only one I have watched) but they did not show any of the numbers to the renovation. All they said was that it was a property in “a booming” suburb on the Gold Coast. A couple with two children owned it. The agent (an oldish looking chap) came in and gave a pre-Reno valuation of $310k then they renovated it and sold at Auction for $330k.
I thought that was not really worth even doing the effort of the Reno. “An over-all good result” said the presenter. They didn’t say anything about how much they paid for the property the costs of the Reno or any other figures. So could not really learn much from it other then the tips and the ways they renovated. That side of the show was really good.
I thought to myself that I would not watch that program again as it didn’t really go into the numbers at the end. Everything else was good about it, but why not show the numbers to the deal.
Did I miss it somewhere?
Its a bit of a waste of time. However, they do explain the budget they have to stick to, I think it is $10,000… The margin they achieve is rather menial and the amount of work they put into it surely would not be worth what they make.
It is sometimes good for 'quick fix' reno solutions/ideas…
I'd assume the lack of interest would explain the terrible time slot!
Matt
So, they spent $10k on the reno,
probably about $8k to the agent,
plus other costs to sell – let's call it $19k all up.Maximum profit of $11k.
WOOHOO.
How long did it take them? The question would be; how many actual hours did they spend on it?
Then divide the hours by the profit to get the hourly pay rate.
I think they have 10 hours… don't quote me on that though… And the have about 15 or so people working for them. the peoples wages are not incorporated into the budget.
Matthias88 wrote:I think they have 10 hours… don't quote me on that though… And the have about 15 or so people working for them. the peoples wages are not incorporated into the budget.Who pays the other workers?
It sounds like a reno organised by the TV program?
Yeah that's exactly what it is…
I think they have sponsors like bunnings and jimboomba turf as they get plugged all through the show, like flags on bobcats etc!!!
Can any one tell that I don't sleep…
As I said, great for little ideas, the auctioneers are usually not very interesting either.
Sorry everyone; I just realised that they made only $1,000.
$20k profit on the before valuation to the sale price; $330k – $310k = $20k.
Then deduct the sale costs of around $9k, and the reno costs of $10k = $19k.
If they had to do all the hours themselves and had no help from Action Squad, that's $1,000 for probably 3 months of no weekends and dirt, dust and crap.
Yeah; good one.
The problem with trying to work out the numbers is that $310k was what the agent valued it at during an inspection before the auction. They didn't say what it was bought at. How much deposit was used. Hold time or how much was spent on the renovation. When they bought the agent back after the renovation was completed he said,"wow this will add at least $30k in value".
This was one of the reasons for the post as I thought I must of missed when they said those details, perhaps…
It was the episode where the property had an in-build pool near the back fence. They moved the back door to the right about two meters and put bone colored tiles and grass between the back door and the swimming pool and replaced the deck.
Do they normally not show any numbers to the deal Matthias88?
Not that I have sen… mostly just a feel good show. Agent said so much before reno then WOW this will ad so much, just as you said. there is no real indication of how the reno worked.
The big thing is, this is not people buying, renovating and selling… This is merely people who's houses are on the market and do not present well.
There is no numbers on buying holding renovating and selling as this is not what the program is about… It like Better homes and Gardens with a clock and judge. Just 'Feel good' entertaining with some quirky ideas for the average home owner. Oh god, now I sound like I'm somehow affiliated!
The block, if any one remembers it, was much more informative, though IMHO it was almost as feel good as this…
As you said Mat, they are all feel good shows but point to how spending sub $10k (generally) on smoke and mirrors can boost sales prices. If a property presents poorly then it may (but not always) hold down the sales price conversely a cheap & nasty reno can do the same.
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