Argh so I thought I was decided that I wanted to build, but I've watched Reno shows again and now I'm not sure.
Since the birth of my daughter and number 2 on the way my priorities have changed. Yes I still want my 4x2 with atleast 2 living areas but honestly I don't want a huge mortgage.
I've seen a uk show called Double your house for half the money.
Basically people renovate their tiny place to be their dream home and spend a fraction of the cost to buy the dream home.
I believe that it's roughly 2k per m2 so I'm "budgeting" 40k for Reno. Plus an extra 20 k just in case.
We can buy basic 3x1 for mid 400's so at most so total outlay would be mid 500's for completely renovated 4x2 which in our suburb goes for 600+.
Just wondering if anyone has done this? Any hints and tips? What type of house do we look for? I'm looking at lowest brick as I feel that would be easiest to extend up and out.
We are aiming for a 20% deposit to avoid mortgage insurance. can we then " borrow" the equity from the home or do we need to then pay insurance?
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24-01-2015 22:19 #1
Double your house for half the money
24-01-2015 22:57 #2
It sounds like a massive undertaking. I'm interested to see the replies. ☺️
24-01-2015 23:04 #3
I know people who converted their 2 car garage (under the same roofline) into another bedroom and extra living room, then put a carport on the front of the house to accomodate cars. I thing that would the cheapest way to add space.
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24-01-2015 23:08 #4
It sounds nearly impossible if you are bringing in trades people to get all the work done. Was that price inclusive of everything (council plans, trades, materials, finishing fittings etc)?
If you're able to do most of the work yourselves, you will save a lot of money but it will take a lot longer.
It also sounds like my idea of torture doing all that work with 2 little ones! We are just doing up our bathroom and the mess etc makes it harder and I only have 1 DS! I guess it comes down to, what are you more prepared to sacrifice? Do you want the stress of sticking to a very tight budget & renovating / have a higher mortgage and a move in house.
25-01-2015 05:08 #5
I would suggest to get quotes from builders. There are some honest ones out there, and others who charge heaps.
You can also work with at a cost plus or fixed price.
25-01-2015 06:09 #6
Oh we won't be living there at the time lol no way.
I Did further research last night, dated 3x1 sold for under 450k on large blocks. The ideal 4x2 on similar land sold for excess of 600k and in my opinion still needed modernising as the bathrooms/ kitchens etc were very early 90's so would still need to spend a fair bit. So even if it was 150k it would still work out cheaper. Has anyone actually done it? We would be going up and out
25-01-2015 06:21 #7
I have a friend who is doing just that. They will completely remodel their house, put everything down inside and redo. They will extend on the side of the house.
Their budget is 200k for a 3x2.
25-01-2015 06:56 #8
My dad is a plumber and he said that this is massive atm. Everyone is renovating and adding onto there existing homes as it works out heaps cheaper then buying. Sorry that's the only help I can provide.
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25-01-2015 07:26 #9
Your original pricing is way too low. We extended out a little plus added a large covered deck to change from a 2x1 worker's cottage to a 3x 2 and all up it cost 150k.
The plans and fees alone were in excess of 10k.
We also considered raising and building in for extra space but that would have been at least an extra 100k and we didn't want to over extend our mortgage. The build also blew out to 6 months so you also need to factor in rent during this time if you don't have any where else to stay.
We did it because we love the character of our interwar house (Qlder with vj's, hardwood floors, decorative plaster ceilings) and we love the location of our house.
If I was you, I would buy a vacant block or a knockdown home and start again building exactly what you want if you can't find an established home that suits.
ETA - I agree with below poster about using a big company with established designs to save money on a new build. We used a small builder and the job stalled several times and almost wasn't completed due to his cash flow problems (very stressful).
With the finance, we got a construction loan which the bank paid out in stages direct to the builder as each stage was complete (hence his cash flow issues).
We had at least 20% equity to avoid mortgage insurance. The bank sent out a valuer to give a notional post reno value based on the plans (we had to pay for plans ourselves before seeking finance and as stated before that was around 10k).
Last edited by DailyDiversion; 25-01-2015 at 08:19.
25-01-2015 07:35 #10
Don't forget not all houses were built/designed to go up. We got a builder out to give us an idea of going up on our place in Brisbane (house was 10 years old) and he said the slab wasn't structured to cope with a two story so there was no up without major engineering of the slab.
If you haven't bought the place yet it would be best to get professionals involved with the pre purchase inspection to advise if it can be done and rough estimates.
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