How to make a million-dollar profit with Paal
Five years ago, Craig and Robyn Bowen owner-built a customised Camden home in Theresa Park, NSW. While the couple initially saved $120,000 in building costs, it’s nothing compared to the million-dollar profit they made when recently selling the home.
The family loved their Paal home, however as the three kids became more involved with extra-curricular activities, Craig and Robyn spent their time driving them everywhere, in between looking after their nine-acre property.
“I didn’t get to enjoy the house,” says Craig. “All I did was mow and whipper snip and do maintenance - and my son plays rep soccer, trains three nights a week and plays all over Sydney, one daughter plays rep netball, and the other daughter does dance and drama.”
So, the couple purchased a block in Camden, where the kids go to school, making life easier for everyone. “It’s convenient,” says Craig. “It’s about a minute from the main street in Camden.”
Craig and Robyn then put their Paal home on the market, and the interest was huge. “We had 39 groups come through,” says Craig. “And we sold within four weeks.”
At the time of the sale, the property market had supposedly taken a downturn. Despite this, the house attracted a serious offer of $2.4 million, and the couple was thrilled. Particularly as Craig estimates that the house and land with all infrastructure cost approximately $1.35 million to build.
Things could not have worked out better. The couple bought the land just before prices in the area skyrocketed. Then, as they owner-built through Paal, they saved on building costs – and as a result, have made a healthy profit on the sale.
The initial build took 12 months, and while Craig enjoyed the process, he’s not prepared to do it again in a hurry. “I don’t want to build the next one,” he says. “Part of the reason for selling the house was to have more time.”
The good news is that he doesn’t have to. The profit made on the Paal home has enabled Craig to pay a builder next time around. “It wasn’t so much about the money because we wanted to move, but when you do think about the money, it’s just another positive,” he says. “Twelve months of hard work is now paying for someone else to build the next home.”