It has been a very difficult decision.
But finally, after a couple of offers and counter offers, we decided against walking away with a six figures clean profit.
Without going into detailed maths on the project, in terms of returns this would have been a 15% return on investment over a 6 months period. (So 30% annualised)
And admittedly, the future may prove us to have been foolish not to accept and walk away! (Hopefully not of course)
But we do believe there is more mileage in the property: Although we are looking at another year (and a lot of work to be done) before putting the final product on the market, we hope to double the return on investment again by the time we exit.
The big "IF" is the result of the elections, and the threat of the "mansion tax" that could serve a serious blow to the resale of any property over the 2m mark.
But this is not not for us to decide.... The call has been taken and focus is now single mindedly on the long hard slog ahead!
The ups and the downs of the actual build!!
The digging is to start in the next week and we are just getting mentally ready!
Soon more to follow..… oh by the way... The picture is our front door!