Dear BP members,
After a while I have found a flat in Prague which suits my flipping idea. I want to share the story with you and ideally get some feedback.
The property is located on Prague 3, part called Zizkov. It is a 111 m2 (1194 ft2) flat which needs full renovation. I need to put in new flooring, heating system, bathrooms, kitchen, replaster walls etc. Estimated budget is 600.000 CZK (25.000 USD). Purchase price was 5.300.000 CZK (220.000 USD) which is 47.747 CZK/m2. Anything for less than 50k/m2 is a bargain so it was a no brainer.
I aim to sell it for 8.000.000 CZK (332.800 USD) which is about 72k/m2. This price is at the peak of the valuation in this area so the flat needs to be a premium class to get the buyer.
Mortgage I have on the flat covers 5.000.000 CZK of the purchase price with interest 2,59% fixed for 1 year. During this period I need to find a buyer.
Idea is to renovate the flat in 3 months, use homestaging and put it on the market for even higher price. Property prices in Prague experienced about 10% increase in prices for last year so I hope to "catch the wave" and sell it while the price is still rising.
In my next posts I would estimate the floorplan and renovation details.
Any feedback is more than welcome!
Sounds like a very good deal and you have a solid plan! Good luck.
just wondering if your deal went through?
Great job Robin!
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