A few factors here…
- How long the renovation takes.
- Getting it on the market
- How long it takes to sell.
- The settlement period period
The renovation timeframe will vary, could be a four-week renovation or it could be an eight-week renovation. For me, it’s typically anywhere between four and six weeks for a renovation.
Once the renovation is complete it takes me another week or so to get it on the market & have my first home open. During this week the house is being staged, having photos & my agent is listing it online.
Next, how long is it going to take to sell? Is it going to sell at the first home open? Is it going to take a month? Could it take two months? This is something you’ve got to take into consideration when accounting for holding costs.
Lastly, the settlement period, If it’s a cash offer, the buyer may settle in three or four week’s time. Whereas if they need finance, it might be three or four weeks for finance approval and then another three or four weeks for settlement.
For me in a hot market I’m typically in and out of the deal in three or four months, sometimes quicker. However, in a slower market you may want to allow six months.
