Imagine spending your hard-earned savings, buying a home only to realise it was a mistake.
Now imagine, re-selling the property for $600K more than you paid only 9 weeks earlier?
Well, this rang true for a Sydney couple who bought a Kensington home for $2.55 million.
Not only did they make no improvements to the home, but they also sold it sight unseen to the new owner as the original owner still occupied the home.
So how did these accidental flippers do it?
After forking out $2.55 million for the home, the couple’s agent said, “the wife had a bit of a change of heart”. “The location wasn’t going to suit them as much as they had thought”. Luckily, the agent had the perfect buyer to take the property off their hands but there was one major problem. They couldn’t show the property to the new prospective buyer because the original owner still resided in the home as the couple had not yet passed the settlement period.
But after a bit of cunning, the home was resold for $3.15million. A whopping $600,00 more than they originally paid less than 3 months ago.
Keep in mind that the couple had to pay $110,00 stamp duty, then capital gains tax of around 47% but they were able to walk away with just shy of $250,000.
Not bad for doing nothing but holding a property for less than 3 months.
