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$50,000 and $500,000 renovation question? https://forum.homeone.com.au/viewtopic.php?f=53&t=52065 |
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Author: | dstme [ Oct 24, 2011 7:21 pm ] |
Post subject: | $50,000 and $500,000 renovation question? |
Hi everyone, I bought a house last year and is now rented out. I'm planning to move in sometime next year so I'm putting coins to my piggy bank each day now. I'm wondering how much will it cost to do a renovation. If it too much, I might need to double my effort to put more coins or I might just abandon the project. My place is in Melbourne, a double stories - 4 bedrooms (3 bed in level 1, 1 master in level 2), 2 bathroom (one in each level) and double garage. As this place was last renovated since late 70s, I'm planning to tear down top floor, redesign and expand from the current size to accommodate 1 master bedroom, home office, walk-in bathroom, waiting room and a store room. I also need to change the spiral staircase to normal U-shape staircase. On the first level, I will do some renovation too but no extension. I have no idea how to estimate the renovation cost and not sure what the budget I need to set aside. Can anyone help me how to estimate cost based on the above? To save cost, is it possible some of the renovation to be carried out by myself or is it better to leave it all to builder? Do I still need to submit any application to the council? Cheers. |
Author: | chrisandkate [ Oct 25, 2011 10:17 am ] |
Post subject: | Re: $50,000 and $500,000 renovation question? |
dstme I'm planning to tear down top floor, redesign and expand from the current size to accommodate 1 master bedroom, home office, walk-in bathroom, waiting room and a store room. When you say tear dwn, do you mean completely demolish the top level and build a new one or just gut the top level? dstme I also need to change the spiral staircase to normal U-shape staircase. Why do you need to change the stairs? Is it because of the layout of the proposed new top level dstme On the first level, I will do some renovation too but no extension. What do you want to do downstairs? Kitchens and bathrooms are the most expensive areas to renovate, so that will impact your budget. dstme I have no idea how to estimate the renovation cost and not sure what the budget I need to set aside. Can anyone help me how to estimate cost based on the above? You need to list all of the things you want to do first. It may only cost you $10k or it may be closer to $1m depending on what work you want to do, the quality if fittings and how much you can do yourself. dstme To save cost, is it possible some of the renovation to be carried out by myself or is it better to leave it all to builder? You cannot do any electrical work yourself. There are certain things that you need a plumber for like gas connections and other things. I would not tackle any structural works yourself if you are a novice. If you are brand new to renovating I would limit the work you do yourself to painting, plaster, trimmings(skirting/architraves) fitting of taps, cupboard assembly if they are in flat pack form + handles. dstme Do I still need to submit any application to the council? Depending on your council you will need a permit based on the total cost of your renovation. I think my council requires a permit for anything over $5k value + any new plumbing(such as adding a toilet or shower) In Summary: You will definitely need a permit. To get this you will need to provide detail drawing to a professional standard and various other documents. You may need an engineer (If you want to completely demolish the top level and start again) You will need a qualified Electrician to do any electrical work (even taking a power point off the wall requires a licensed Electrician) You may need a Plumber (If you want to replace/exchange gas appliances) and possibly water-proofing(not sure on that point) Off the top of my head I'd say you're looking closer to $500k that $50 even if you could do it all your self. |
Author: | Stewie D [ Oct 25, 2011 11:36 am ] |
Post subject: | Re: $50,000 and $500,000 renovation question? |
Work out how many sq metres the new top storey is and then allow approx $2500-$3000 per sq m just to build it. That basically covers materials, PC items, carpentry, electrical, plumbing, tiling , roof tiling etc. Everything except carpets and curtains Obviously demolition, council fees , draughtsman fees, any structural changes you have to make to support the top storey etc are on top of that. This will get you into the ballpark of what you need. Quote: Why do you need to change the stairs? Is it because of the layout of the proposed new top level ? Because they are dangerous and unless they are absolutely the only way of installing a staircase , they should be replaced at any opportunity. ( Well my take on it anyway and that is what I recommend to all my clients ). Stewie |
Author: | Stewie D [ Oct 26, 2011 2:05 pm ] |
Post subject: | Re: $50,000 and $500,000 renovation question? |
All good advice. I'd say 20% of my clients weigh up their options after I've drawn plans or given them an estimate and don't do the big reno especially when you get over $400,000. One case in point is a local real estate agent I know who is halfway through a big renovation and extension that is looking so far at $700,000 ( pool as well ). Prior to the work he estimated his place was worth $1.3 to 1.4 million. After it is finished he reckons it will be worth around $2 to $2.1 I know of several others who have spent a lot of money but only got two thirds or less of their money back regarding capital investment before and after. You just have to weigh up your options regarding reno or rebuild. I'd get a builder in to give you a quick quote just to see what they reckon even if you pay them for their time. Stewie |
Author: | dstme [ Oct 26, 2011 7:02 pm ] |
Post subject: | Re: $50,000 and $500,000 renovation question? |
Wow.....Now I really have to re-think what I'm going to do with my house. Really appreciate you guys for giving great info and advice on the renovation. Not only I have to triple my effort putting my spare changes to my piggy bank but to weight in on whether re-building the whole place or just extension on the 2nd floor. Plus I need to find a very reasonable builder, draftsman and structural engineer for the job. If not I may get a run-down place and build from scratch. It's really a though decision. |
Author: | dstme [ Oct 26, 2011 8:56 pm ] |
Post subject: | Re: $50,000 and $500,000 renovation question? |
Do we need a Australia qualified draftsman or architect for any council submission? If not, I could save heap for my architect friend works in Singapore and they charge much less compare to Australia. |
Author: | Stewie D [ Oct 27, 2011 8:56 am ] |
Post subject: | Re: $50,000 and $500,000 renovation question? |
" Do we need a Australia qualified draftsman or architect for any council submission? " No, but he does need to know the local council regulations, BCA regs and some state laws as well to make sure the DA goes through. Stewie |
Author: | chrisandkate [ Oct 27, 2011 10:10 am ] |
Post subject: | Re: $50,000 and $500,000 renovation question? |
dstme but to weight in on whether re-building the whole place or just extension on the 2nd floor. What you can do is the following: Work out how much room you will be building by removing the top level and re building that (I'll list an example below) Then work out how much area your lower level is and add the 2 together. Example: New top floor = 80m2 80 x 2750(low end of costing for extension) = $220000 If your bottom level is 120m2 then you total area would be 200m2 If you work with a figure of $1150m2 (which is what house will come in at) a new house would cost you around $230000 Remember that your new level is going to cost $220k and you haven't touched the lower level at all. And it looked like you were going to do new kitchen and bathroom + remove walls. That will IMO add at at least $50k to the job if you have to pay for someone else to do it all. dstme Plus I need to find a very reasonable builder, draftsman and structural engineer for the job. Usually you can get the builder to do all of the drafting and engineering. Its really only worth the hassle if you plan on owner building as each builder will have people they like to use and get a standard list of drawing from. dstme If not I may get a run-down place and build from scratch. It's really a though decision. Just to get some perspective: The house I knocked down was 18yrs old and there was absolutely nothing wrong with it. In fact I was told by a few people that I was stupid, greedy and just trying to be a show off by knocking it down. They didn't believe the sh1t that you have to go through to get quotes for extensions and the actual cost of them. I'm pretty sure one of our "friends" didn't think that building codes or permits actually exist and its just a council rort. It was just too small for us and we loved the area and street we were in. The cost of extending was more (after all factors were put together) than knocking down and rebuilding. Regardless of how good your current building is, you need to look at the cost of your extension + renovation of existing areas + maintenance of the existing structure going forward. Maintenance was a big factor for us as all of the companies we spoke to would only put like existing (i.e old and need replacing anyway) for the new extension. If we replaced the rest of the house with new fittings they would charge extra to match the new extension fittings. I cannot stress this enough: Spend some time working out how much area the new top level will cover and how much area your existing lower level covers Do some figures (or send them to me and I'll give you a guide to work with) and see where you look like being at financially before you get your heart set on anything. This will be a big decision purely from a money standpoint let alone emotions. You'll have to spend some money and you're better off just marking it as burnt and a necessary cost than trying to scrimp and save on the early costs. Trust me it won't even matter at the end of the project. I'll see if I can put together a quick spread sheet for you to compare and add up potential costs on both sides of the coin. Keep an eye on your PM inbox. |
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