We live in a tiny house in an up and coming area. We like where we live and have a big block.
Our mortgage is 330K bought the house for 415K and added a new roof + 20k.
it would be too small for 2 children so we are considering doing major renovations in the next 5 years. We would be adding a bedroom, living room and a semi outdoor kitchen.
The bedroom addition would be inside the house (knocking out our current kitchen and adding a small foyer).
So the 2 new extensions would be kitchen and living room.
At at a minimum I am guessing it would cost 200k.
Has anyone done major renovations? What did it cost total and was it worth it.
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18-06-2014 14:41 #1
Major renovations. Who's done it?
18-06-2014 17:56 #2
Good on you for having the enthusiasm to tackle a big reno!
Have you guys tackled a reno where you are living before?
Our places are in various states of reno, one is done, one is half done, one is just started (both others are rented out). Not got much advice for you except we kept our costs right down by doing as much as we could ourselves and using tradie mates. We had a builder restump one property, that was the most major external cost as none of our mates could do it.
The financial cost was one thing (we keep ours under 50-80k but deliberately buy properties with the floorplan that we can work with and structurally sound). We had all materials and finances ready before starting (nothing worse than having to wait mid reno to get the next stage done!). I spent ages beforehand sourcing the best priced materials (new and reclaimed).
The actual stress and strain on a relationship can be really interesting, especially if you live in your reno.... My two pet hates were having to shower at work after I ripped out the bathroom back to floor beams and that everything tasted like plaster dust for about a year. Didn't get much sleep or downtime either as this was on top of both working FT.
You'll have some fun times amongst the chaos though.
18-06-2014 18:33 #3
I would look at the finances carefully ...
- how much it will cost to do what you want to do (including rent if you have to move out for a time)
- how much your house is worth now
- how much it would likely be worth once its done
- how much other houses cost now, that are the size/style that you are aiming for
In a lot of cases, its actually cheaper (and certainly easier on everyone) to sell and buy a house already completed.
But ... if renovating is worth it ... it can be fun - if you are all 100% committed. If one part isnt super keen, its a recipe for disaster.
Living in renovations is HARD
18-06-2014 20:10 #4
We had a small 3x1 70's place in Willetton on a big block and we had done some cosmetic renovations to the inside. We stayed there a few years and had DD there, but knew we wanted to extend before any more kids came along.
We had priced a new bedroom, bathroom, living area, study and alfresco at a whopping $400-$450k!! It would have been massively over capitalising in the area and so we looked into demolishing and building new vs buying a block and building. Long story short we ended up buying an established house in a nicer area for a change over less than the extension quote, and the house is SO much bigger and nicer than what ours would have been, even with the extension.
In my opinion, extensions and major renovations are only of benefit if you've had the house for a long time and owe next to nothing on it. Then the appeal of no change over costs (agent fees, stamp duty etc) and staying where you've been for many years starts to get close to outweighing the really high price of extensions.
18-06-2014 21:15 #5
Holy moly !!!! Gm01 that's totally unaffordable for us!
Thanks for for the replies very helpful. Lots to consider !!!
18-06-2014 21:23 #6
Wow that's one expensive quote! My husbands a builder and I'm thinking roughly 150-200
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18-06-2014 21:27 #7
We had a 3 bedroom house with one bathroom. We went up. We now have a 5 bedroom x 2 bathroom house. Upstairs we put in 3 bedrooms and a bathroom. It cost is $173k. The extension was done almost 3 years ago.
18-06-2014 21:37 #8
We bought our house for $550k five years ago. We only put down $80k deposit.
We did a $173k extension and our house is now worth close to $1million, if not more. Most 4 bedroom houses sell for a million or more. Ours is 5 bedrooms now.
The growth in our suburb has been huge. In the first 2 years after we bought, prices in my suburb increased by over 20%
ImageUploadedByThe Bub Hub1403095031.442505.jpg
Last edited by BigRedV; 18-06-2014 at 21:43.
18-06-2014 22:06 #9Senior Member
- Join Date
- May 2014
OP, get lots of quotes. We have renovated a few houses and we have had some builders quote us triple the amount of others. Ridiculous. Ask around if you know people who have renovated and see who they used.
19-06-2014 15:00 #10Senior Member
- Join Date
- May 2012
If you feel that you are not going to over capitalise, then it would be beneficial to do the renovations. Just keep in the mind the huge cost of it and inconvenience to your household. I am currently looking at adding a master bedroom, and in the midst of getting quotes. It is not exactly cheap to what I think it is worth LOL. Seriously could knock down the house and build a whole new one for the price LOL BTW - anyone know of any good builders in Perth ? LOL
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