+ Reply to Thread
Page 1 of 2 12 LastLast
Results 1 to 10 of 11
  1. #1
    Join Date
    Jul 2009
    Posts
    3,790
    Thanks
    781
    Thanked
    1,485
    Reviews
    0
    Achievements:Topaz Star - 500 postsAmber Star - 2,000 posts

    Default Major renovations. Who's done it?

    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.

    Thanks!

  2. #2
    Join Date
    Jun 2014
    Posts
    319
    Thanks
    110
    Thanked
    178
    Reviews
    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.

  3. #3
    BH-KatiesMum's Avatar
    BH-KatiesMum is offline Community Manager
    Winner 2008 - The most optimistic poster
    Winner 2014 - Most Helpful Moderator
    Join Date
    Oct 2007
    Location
    Perth WA
    Posts
    23,289
    Thanks
    5,899
    Thanked
    6,322
    Reviews
    3
    Achievements:Topaz Star - 500 postsAmber Star - 2,000 postsAmethyst Star - 5,000 postsEmerald Star - 10,000 postsRuby Star - 15,000 postsDiamond Star - 20,000 posts
    Awards:
    Past Moderator
    200 Posts in a week100 Posts in a week
    I would look at the finances carefully ...

    work out
    - 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

  4. #4
    Join Date
    Jan 2012
    Location
    Perth, Western Australia
    Posts
    1,914
    Thanks
    364
    Thanked
    1,503
    Reviews
    0
    Achievements:Topaz Star - 500 posts
    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.

  5. #5
    Join Date
    Jul 2009
    Posts
    3,790
    Thanks
    781
    Thanked
    1,485
    Reviews
    0
    Achievements:Topaz Star - 500 postsAmber Star - 2,000 posts
    Holy moly !!!! Gm01 that's totally unaffordable for us!

    Thanks for for the replies very helpful. Lots to consider !!!

  6. #6
    Join Date
    Mar 2012
    Posts
    882
    Thanks
    3
    Thanked
    187
    Reviews
    0
    Achievements:Topaz Star - 500 posts
    Wow that's one expensive quote! My husbands a builder and I'm thinking roughly 150-200

  7. The Following User Says Thank You to kmvw For This Useful Post:

    BlueLips  (18-06-2014)

  8. #7
    Join Date
    Feb 2009
    Location
    my house
    Posts
    18,329
    Thanks
    1,453
    Thanked
    7,932
    Reviews
    0
    Achievements:Topaz Star - 500 postsAmber Star - 2,000 postsAmethyst Star - 5,000 postsEmerald Star - 10,000 postsRuby Star - 15,000 posts
    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.

  9. The Following User Says Thank You to BigRedV For This Useful Post:

    BlueLips  (18-06-2014)

  10. #8
    Join Date
    Feb 2009
    Location
    my house
    Posts
    18,329
    Thanks
    1,453
    Thanked
    7,932
    Reviews
    0
    Achievements:Topaz Star - 500 postsAmber Star - 2,000 postsAmethyst Star - 5,000 postsEmerald Star - 10,000 postsRuby Star - 15,000 posts
    Quote Originally Posted by GM01 View Post
    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.
    It depends on your area.

    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.

  11. The Following User Says Thank You to BigRedV For This Useful Post:

    BlueLips  (18-06-2014)

  12. #9
    Join Date
    May 2014
    Posts
    3,589
    Thanks
    1,429
    Thanked
    3,649
    Reviews
    0
    Achievements:Topaz Star - 500 postsAmber Star - 2,000 posts
    Quote Originally Posted by BigRedV View Post
    It depends on your area.

    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%

    Attachment 56661
    Agree with this completely. We live in a sought after inner city suburb. We will never lose money on renovations. When we renovate, our house will become worth around the $1mil mark, and we don't plan on moving out of here for a very long time, so it will always benefit us.
    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.

  13. #10
    Join Date
    May 2012
    Location
    Perth
    Posts
    225
    Thanks
    11
    Thanked
    110
    Reviews
    0
    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


 

Similar Threads

  1. Major Car Accident at 19 weeks pregnant
    By Rachie81 in forum Pregnancy Health Issues
    Replies: 7
    Last Post: 29-09-2013, 11:23
  2. DIY Bathroom Renovations - Where to start??!
    By JJAZ in forum House & Gardens
    Replies: 10
    Last Post: 09-08-2013, 18:01
  3. Daycare is a major stress
    By pisang in forum Childcare Options
    Replies: 13
    Last Post: 08-07-2013, 21:08

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
FEATURED SUPPORTER
Baby MonitorsLooking to buy a baby monitor? :: Read viewer reviews of baby monitors BEFORE you buy :: Buy at a local or online Baby ...
FORUMS - chatting now ...
REVIEWS
"Made bed time less anxious"
by Meld85
My Little Heart Whisbear - the Humming Bear reviews ›
"Wonderful natural Aussie made product!"
by Mrstwr
Baby U Goat Milk Moisturiser reviews ›
"Replaced good quality with cheap tight nappies"
by Kris
Coles Comfy Bots Nappies reviews ›