Browse Forums General Discussion Re: To Renovate or Not to renovate ... that is the question. 21Apr 28, 2010 9:17 pm BTW Here is the current house http://img41.imageshack.us/i/currentfloorplanfinal.jpg/ And here is the proposed design http://img72.imageshack.us/i/proposedhouse.jpg/ The current laundry area will be extended outwards and is essentially a built in outhouse at the moment so it is effectively a whole new room when working out floor area for renovating. A bit of asbestos removal and removal of internal wall between current kitchen and lounge. Existing bathroom has already been renovated, so new area will include new kitchen, ensuite, laundry master bedroom and deck. and works out to be 70sqm of living space + 50sqm decking which will all be under the roof line with a new roof for the whole house. 2 sets Stacking slider doors that meet on the corner will mean a pillarless flow out to the deck from the dining. All this for around $260k + a bit for ducted aircon. Any thoughts ? Re: To Renovate or Not to renovate ... that is the question. 22Apr 29, 2010 11:44 am relliksalta mb@147a, would be really keen to hear why you wanted to get your old house/block back. What was the major reason ? I bet when you see property price going up so crazily in past few months, everyone would want to have their old house back, to enjor double/more benefit from the market... Something like: "Damn, I wish I haven't sold my old house that early, should wait for another X months and might get extra 25% in selling price...." Re: To Renovate or Not to renovate ... that is the question. 23Apr 30, 2010 9:56 am relliksalta mb@147a, would be really keen to hear why you wanted to get your old house/block back. What was the major reason ? So many reasons! My babies were "babies" there, most of our precious memories were in that house. Financially we will have a bigger house for the same $$ but I think if we'd struggled a couple more years we could have had the same at the old address. We had a KILLER view so the land will always be more valuable than our current block. We did buy land before we sold so the real estate boom has not had much of an impact (our land has also increased in value). At the time living in the house was difficult, however we had 4 kids under 4 so living anywhere would have been difficult. In 2 years we will be living in a big brand new house on the new block whereas we would have still been working on the old place if we'd renovated. I think in 5 years we could have had a similar house on the old block which would be much more valuable as the land is more valuable. I also think by the time we've finished landscaping and all of the little extras on the new build the cost will not be much less than renovating would have been. Plus when I drive past I hate that other people live in my house! It is my heart that is sad, which is why I think if you're already listening to your heart now you will regret selling. Re: To Renovate or Not to renovate ... that is the question. 24May 26, 2010 3:59 am Hi all, Just wondering if your quote specified how much the asbestos removal was going to cost. We are going to do a rennovation next year and will require some asbestos removal but not sure how much this will cost. Will be a wall about 7m being replaced. Good luck with your renno - it will be hard work but very rewarding (your blood, sweat and tears will be part of the house) Cheers Re: To Renovate or Not to renovate ... that is the question. 25Jun 13, 2010 9:22 pm Hi there. Asbestos removal costs approx. $40sqm. Good work if you can get it hey Re: To Renovate or Not to renovate ... that is the question. 26Jun 13, 2010 9:36 pm Hi all, an update on our reno planning. We selected a builder based on price and how we thought they were to deal with during the initial steps. We've spent the last month or so liaising with them to get more specific specs and pricing, and its been frustrating. We have conversations and the young sales guy (its a big group, so we havent dealt directly with any builders at this stage). Everytime they send through an updated proposal, things are missing or wrong. We thought we were close to sorting out the proposal but the copy that came with the HIA agreement still has problems. I'm hoping you guys will be able to help out with some advice. The builders as building the basic frame and contractors but we're providing the tiles, cabinets etc. Should the proposal state if the renovator is to install the bits and pieces ie. toilet, towel rails etc. The builder says they'll do it, but the proposal doesnt specifically state it, and people have warned me 'if it aint in the agreement.. it aint being done' There are about 20 things that arent specific and correct in the proposal and windows seem to be the hardest. We've asked time and again to specify exact window types, but the proposal still refers to 'approx window sizes and types' Also in terms of the HIA agreement, it refers to 2 documents 1. The plans and 2. the proposal document. There is no # days listed for completion but the proposal mentions 3-4 months, this wouldnt negate the need for a # of days in the HIA agreement would it ? Also the payment schedule seems unusual, its as follows. 5% deposit 20% certification 20% commencement/delivery of materials 20% frame/base stage 15% fix and fitout stage 15% lockup 5% practical completion This work will cost $200k... why would I pay them $90k before they even build anything ? I know there are costs for the council approvals etc demoilition component, but $90k ? LOL Should I be worried about the builder I've selected ? Re: To Renovate or Not to renovate ... that is the question. 27Jun 13, 2010 9:39 pm That amount seems normal for a deposit for building works. I know that is what we paid. Best of luck..... Deemaree Kyndylan Capers: viewtopic.php?f=36&t=46852 My blog: http://www.sufficientlysufficient.blogspot.com/ Re: To Renovate or Not to renovate ... that is the question. 28Jun 13, 2010 10:22 pm Deemaree That amount seems normal for a deposit for building works. I know that is what we paid. Best of luck..... Which bit... 5% ? You dont think 45% before anything is built, is a bit much ? The standard HIA is 10% at base stage. We would have no base, and yet paid 4 times more. Re: To Renovate or Not to renovate ... that is the question. 29Jun 13, 2010 10:24 pm No I meant the 5%... Our schedule: Deposit 5% Base Stage 10% Lock Up 35% Fixing Stage 25% Completion 10% Deemaree Kyndylan Capers: viewtopic.php?f=36&t=46852 My blog: http://www.sufficientlysufficient.blogspot.com/ Re: To Renovate or Not to renovate ... that is the question. 30Jun 14, 2010 6:44 am I would not pay that much upfront as far too risky for you. Also, I would get them to include in the contract everything they should be installing. If they refuse, go elsewhere - there is no good reason for a builder to turn down a contract for a bit of paperwork. Re: To Renovate or Not to renovate ... that is the question. 31Jun 14, 2010 12:32 pm Yeah we're not too comfortable about a lot of things now that we think about it. We're even questioning the whole renovation path. A few older homes have come up for sale in our street and they would be knockdown jobs. Maybe we just do that and build new... certainly makes things easier and is only marginally more expensive. Re: To Renovate or Not to renovate ... that is the question. 32Jun 14, 2010 2:02 pm relliksalta Yeah we're not too comfortable about a lot of things now that we think about it. We're even questioning the whole renovation path. A few older homes have come up for sale in our street and they would be knockdown jobs. Maybe we just do that and build new... certainly makes things easier and is only marginally more expensive. We are looking to renovate - about $360k including everything. But it would cost us $100k in legals, stamp duty, removalist costs and agent fees to sell and buy again, so we look at it as though we are only spending another $260k. And where we are an extra $260k would not get us what we want whereas if we renovate we get what we want to our own design. So I would not discount the renovation path yet. Remember with new houses there are lots of extras - site costs, floors, landscaping, driveways, aeriels, phone lines etc - new houses are never as cheap as they are advertised to be. Re: To Renovate or Not to renovate ... that is the question. 33Jun 14, 2010 3:02 pm I recommend renovate. go with your heart. your own home does not necessarily need the same investmnet analyis as an investmenrt property particularly if you are staying for another 5 years. yes be sensible eith budget and dont overspend. do you planning carefully choose you contractor or dsigner of project helper on recoomendation and go for it Re: To Renovate or Not to renovate ... that is the question. 34Jun 14, 2010 7:53 pm Thanks for the feedback guys. After doing some number on the cost of a decent new house on another block, its reminded us why we decided to go down the reno path in the first place. We just need to make sure that out selected builder does things our way including fixing up the payment schedule or at least giving a reason why the payments are weighted to the early stages. We hadnt planned on running this past a specialty real estate laywer but given our questions on the HIA agreement and related documentation, maybe its for the best. Has anyone go it alone, or does everyone involve a solicitor for reno contracts ? Cheers Re: To Renovate or Not to renovate ... that is the question. 35Jun 15, 2010 11:16 am We're going it alone for our renovation. Our architect has produced a mountain load of documentation that specifies everything to a great amount of detail. We are using a builder my architect has worked with before so there is familiarity and confidence about quality and attitude. We are using a standard HIA agreement with references to the plans and any exclusions clearly listed. The payments schedule is standard as per the schedule - there should be absolutely no reason for a builder to vary it. Based on your experience so far alarm bells would be going off in my head. Renovation Thread: viewtopic.php?f=31&t=38489 Re: To Renovate or Not to renovate ... that is the question. 36Jun 15, 2010 1:40 pm Thanks for the info. There is a bit of worked required by the builder before they can get started on actually building. They're organising the completion of the plans, council approval, soil tests, engineers reports, asbestos removal etc. The 5% deposit isnt going to cover all of this so i can understand them wanting a portion of the overall cost up front fairly quickly. It was the % amounts that surprised me. Also did you make your agreement subject to finance within a set timeframe ie. 28 days ? Does this get added to the special conditions section ? I guess I'm confused with the order of events. We sign agreement subject to finance and pay the 5% deposit at this time. Money sits in a holding account for the 5 days cooling off period (QLD) We go to the bank to get finance (already had the conversations so its a done deal) Finance confirmed then proceed with payment schedule. When should the builder start organising stuff and outlaying money... after the 5 days cooling off period or after the finance is approved ? I'm assuming that if finance doesnt go through, then we're up to cover any costs that the builder has already outlayed.. but that should only be the BSA insurance? Will the bank approve finance if our plans have not yet been council approved , I'm sure the bank said all they need is the signed HIA agreement along with the draft plans and proposal. Re: To Renovate or Not to renovate ... that is the question. 37Jun 16, 2010 8:52 am I can't comment on the finance aspects as our loan was covered by the equity/value of our house and was all sorted and available to me before the contract was signed. Renovation Thread: viewtopic.php?f=31&t=38489 Re: To Renovate or Not to renovate ... that is the question. 38Jun 30, 2010 1:44 pm Well bit of an upate.. we've decided to go down the path of renovating. We're basically getting new 50sqm deck under roofline. New kitchen, dining, stacker doors, new laundry, new ensuite, new master bedroom and new lounge theatre room. Build will be 200k and then we have a budget of $70k for fitout etc. Wifey has done very well (as have I:). Kitchen will be 3.6 x 5.6m 40mm ceaser with waterfalls, blum throughout, ILVE oven and cooktop, F&P dridge. Bosch dishwasher, timber floors, walk in pantry, 2 pac cupboards. I get projector, motorised projector screen, soundproofed room will double cavity sliding doors. Hope to be finished in November with a big party planned for xmas and new years Will post more details soon Re: To Renovate or Not to renovate ... that is the question. 40Jul 04, 2010 9:14 pm UPDATE: Finance We've had our finance approved pending a house valuation that took place on Friday. This is really just a formality because even the land value is 150% of the amount we need to borrow. We tried going through a mortgage broker without much luck and in the end used some creative accounting to come up with a mortgage that works for us. We've signed up for a mortgage that offers huge discounts in the first 12 months ie. free application, no monthly charges and 1.2% discount of the variable rate. The only catch with this is that after 12 months, you're hit with large monthly fees because the loan gives us more benefits that we really need. To overcome this after 12 months we'll be paying a fee of $300 to move over to a plain variable rate. Doing this will save us about $2k over the first 12 months. Yayy for me ... now how come mortgage brokers cant think like that ?? House Design House will be as per the plans in the original post. http://img72.imageshack.us/i/proposedhouse.jpg/ Only changes are reducing the size of the stairs so we can have gates to keep the kids up on the deck. Next steps are finalising plans, and all the certification etc. which is all part of the build price. We've got the fun job of going out and selecting tiles, roof colours etc. . Looking forward to it. the step up is 30mm and wanting it to be flat . how much does the concrete have to be lowered .we plan on removing bath and lenghten shower and adding seat. the old bath… 0 11998 if the original house is in good condition most of what you listed could be added in stages without the need for KDR and costs and disruption of having to live elsewhere… 1 13823 The HIA contract, in the term & conditions section states that "Commencment" is deemed when the drainage is started or the piers are dug or the slab is formed up (incase… 2 6243 |