Hi. If you are budgeting $2k a square metre you won't get much. My hubby is a builder, we run our own renovations and extensions company. We say to our clients, you are looking at ballpark $3-4k per square metre and that still depends on the finish you are after. If you want high end add more. And that is just for the build, not including drawings/council/engineers/certifiers etc. Often it's $20k before a thing has been built. (Architects alone can be $20k). Subcontractors charge a lot nowadays too ie a good plumber is $100 per hour etc. We generally say to our friends if they are tossing up what to do, go with a project home company. They can buy everything bulk and at cheaper prices. They charge a lot for variations but if you don't change too much from their plans, it's better value for money.
One more thing, in the uk subcontractors get paid a pittance (my hubby worked there for a while), that is why they can do renovations so cheaply over there. You can't compare prices there to here, they don't equate.
Hope this helps 😊
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25-01-2015 07:59 #11Member
- Join Date
- Oct 2013
Double your house for half the money
Last edited by Lozby; 25-01-2015 at 08:01.
25-01-2015 08:51 #12
We had 3 x 1 with one living area. We went up and now have a 5 x 2 with only one living area, first design the architect did was 4 x 2 with an extra living room upstairs, but 2 living rooms wasn't on my list, I'd rather have an extra bedroom than another living room. If you do up the house you're in, then you have to expect that it's not going to be your dream layout. We have 3 bedrooms and s bathroom upstairs and 2 bedrooms and bathroom downstairs. Ideally I would like to have all bedrooms upstairs (or at leastv4 bedrooms upstairs and one downstairs for guests)
one thing to to consider is extra costs. What inclusions are included? Our fixed price quote was $173k but if I'm honest and calculate EVERYTHING then $200 k is more realistic of costs.
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25-01-2015 09:14 #13
Thanks for input. Lots of food for thought, completely forgot about slab strength. The 2k is coming from someone who's in the middle of this now. i wasn't sure if this was a realistic figure,
25-01-2015 09:41 #14
if you havent bought the house yet, there are a lot of things you can do to make it cheaper.
Spend the time finding a house that has a design that lends itself to extension ... where you dont have to change much int he existing house.
Go up costs way more, so try and find something that will fit all on one level. (and yes, often footings and slab arent strong enough for an add on)
extensions lik that also cost a lot more than you think - but often if you are doing it yourself you do find it easier as you can live with bare essentials until you can afford to finish things off.
we lived with cement floor and stairs for a good year until we could afford tiles/wood on the stairs.
25-01-2015 10:13 #15
Thanks - we haven't got the house yet, we are literally just in the beginning research phase, we "own" ( well bank owns most) of a 3 bed townhouse so it will outgrow our needs in the next 5 years and no room for expansion.
We are concentrating paying it off as much as possible to have a good deposit.
Unless we build we will need to renovate to some degree, building what and where we want is out of the budget so looking at alternatives.
We can avoid mortgage insurance ( or only pay very small amount) if we go for the cheaper home option and then major renovations.
25-01-2015 10:20 #16
One good thing about going up in an existing house is the disturbance to everyday living is minimal. Everything downstairs was normal for us until they put the stairs in. The only thing we had done inside the existing house was knocking out a wall. It was messy as our house is double brick but that was it. Access to the house for the builders was from outside so they weren't even inside until the wall came out.
25-01-2015 10:31 #17
Unless you are adding on to your current house, I wouldn't recommend you buy to extend as extensions often mean over capitalising on your property.
I would recommend buying either a house that needs work throughout and with the right number of bedrooms for you and with a living area out the back, then extend the living area and add a bathroom. That way you add value by renovating a dated property but also making an extra (or bigger) living area and a bathroom you increase the value without overcapitalising.
Or buy old (and in bad condition) and knock down or buy a block and build from scratch. $2k per square meter when building will give you A LOT of value - at least it would in Adelaide -unsure where you live.
We looked at adding an extra living room, bedroom and ensuite to our existing 3br 1bathroom, 1 living area house but it was going to cost us $300k! So we sold that house for $525k, bought a dilapidated house in a far better area for $565 and we are currently building a 4 bedroom, 2 bathroom, 3 living area house which is costing us $400k. So you're comparing $835k for a 4 bedroom, 2 bathroom, 2 living area house in a pretty good suburb, compared to $965 for a house with more square footage and an extra living area.
While the difference is $135k in outlay, our added onto house wouldn't be worth $835k, but out new house will be worth far more than the $965k outlay for buying new.
25-01-2015 10:37 #18
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+.
So if the new house costs day $450k plus stamp duty and legals is $470k plus if your renovating and not living in it you would need to pay the mortgage and rent at the same time so maybe your at $500 plus council fees and architect plus I have never seen a proper Reno for under$100k you could possibly end up spending $600+ anyway with more drama!
25-01-2015 12:28 #19Senior Member
- Join Date
- Jan 2013
We just spent 50k t
To add a 5x,7m lounge
To our weather board house
25-01-2015 17:25 #20
Ok I'm thinking we spend a bit more to get a slightly larger that we can live in for the time being ( and maybe look sooner than anticipated) but somewhere that has potential to expand out as the family grows
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