Browse Forums General Discussion 1 Jul 10, 2008 2:20 pm Hello! My name is Jamie and this is my first post to this board. I am 24 years old and live in the Yarra Valley, Victoria.
I will quickly outline the situation - please skip through the first part as that probably isn't relevant to the first question (at the bottom of the post - sorry!) _________________________ I live at home with my mum, we have a house on a double block which is totally paid off and we have no other big debts (a few small cc debts, but nothing that couldn't be paid off in cash). We have $25,000 in cash savings and my mum receives around $40,000 PA in UK Navy Pensions, investments etc. I am currently studying and will begin full time work in 18 months. I expect my first year income to be around $50,000, increasing to the maximum of around $120,000 pa. I'm not sure if that was relevant, but it will save someone asking if it is and people seem to add that kind of thing to property discussions lol! It might be relevant when I ask about borrowing later... Anyway, we had our house valued today because I would really like to buy a property of 5+ acres in the area as I have show horses and currently spend around $500 per month on agistment, as well as a huge amount of time traveling to the horses. Mum would like to stay in the current residence, at least until her mother passes away (her mother is a very fit 82 years and lives only a few minutes walk away. She visits a few times a week and my mum very much enjoys her company), but is willing to contribute to a mortgage for my property as much as possible. In addition my uncle stands to inherit a property worth somewhere in the vicinity of $500K and has expressed the desire to use this to go towards my/our property, as he has no children and would be happy living in a small dwelling with some single (divorced etc) friends. ____________________ The properties we are looking at seem to range from $400,000 - $730,000 just for the land, without any buildings. The real estate agent valued our house as it stands for $400,000. It was on two titles, but has been build over both. However, the way it has been built means most of the house is on one side, and only a small portion plus the driveway and garage are on the second block. I suggested we could knock down the portion on the second block and he felt this was a viable idea and valued the house alone at $350,000 and the block at $200,000, so a total of $550,000 for the entire property. My mum would be happy to sell the block at the moment, then sell the house in a few years. If I was able to afford a reasonable amount of land (10+ acres) I would build a house for her to live on the property. _________________________ Basically my question is what would be the (very general) cost of doing a knock down like this? The house is brick. The only thing that would have to be rebuilt would be a new driveway, as everything else (incl. the garden path lol) is on the side with the majority of the house. Does this sound a reasonable undertaking? I have a lot more questions relating to the above situation, but I will get to them one at a time lol! I have created a rough outline of the property with the subdivision line <a href="http://s324.photobucket.com/albums/k321/miava_007/?action=view¤t=house_plan_squares.jpg" target="_blank"><img src="http://i324.photobucket.com/albums/k321/miava_007/house_plan_squares.jpg" border="0" alt="House plan"></a> Re: First post! Partial knockdown on property with two titles... 3Jul 10, 2008 4:03 pm Hi Jamie,
Welcome to the forum Unfortunately I don't have the knowledge to give you answers to your questions, but there are plenty of people on here who will give you advice. Most are probably at work and will get to your question when they get home... I congratulate you on putting so much thought into the whole situation and working hard to get yourself into a good financial situation (and thinking of your mum too, very nice) it would be lovely if more young men were as level headed as you We have just purchased an old house in Melbourne's western suburbs that we plan to knock down, it is also brick and we have had quotes of $8000-$12000 for the knock down, including council permit etc.... Anyway I hope someone can answer the other parts of your questions. Cheers My karma ran over your dogma Re: First post! Partial knockdown on property with two titles... 4Jul 10, 2008 4:18 pm d@n I wish I was earning a 120 G's at 24. d@n, I think he said he expected to earn $50k first year out (which is 18mths away) , then building (over time, I'm guessing) up to $120K! Although I'm sure he wouldn't knock back $120k first year out!!! I just wish I was 24 again!!!! Sounds complex, Jamie...but I'm sure there's someone on here who'll be able to give you some sound advice! Solidarity, not solidity.......The Lexicon of Life Re: First post! Partial knockdown on property with two titles... 5Jul 10, 2008 5:16 pm Thanks for the replies!
d@n: I don't expect to earn 120K first year out. That is the current award wage for my goal position in my intended profession. As a Masters student I have researched the industry and feel that is quite realistic. In addition, my hobby (producing show horses) produces very good profits, so an additional $30K+ pa would not be unrealistic once we have the facilities on the new property. I'm not sure why you misinterpreted my post, but I think the attitude is unnecessary. JMO Should probably add I am actually a girl, I just have a boy's name lol Looking forward to more replies! Re: First post! Partial knockdown on property with two titles... 6Jul 10, 2008 5:44 pm Sorry Jamie, I just assumed boy I have no idea why...
Everything I said still stands, well done to you for being so researched, prepared, secure and a lovely daughter to your mum. My karma ran over your dogma Re: First post! Partial knockdown on property with two titles... 7Jul 10, 2008 5:49 pm Oops, me too - sorry, Jamie!!!! And I was always going to call my duaghte "Jamie" when I was little..........after the Bionic Woman!!!!!!!!!! ...can't believe I just admitted that!!!! Solidarity, not solidity.......The Lexicon of Life Re: First post! Partial knockdown on property with two titles... 10Jul 11, 2008 8:56 am Jamie
Welcome to the forum I reposted the image so that people could see them through the forum - hopefully that was your intent. Like ⋅ Add a comment ⋅ Pin to Ideaboard ⋅ mmm....donuts Homer Simpson 1956- Links: Site Costs Ready Reckoner | H1 Addiction Medical Advice | Château TDL: The Backyard Re: First post! Partial knockdown on property with two titles... 12Jul 11, 2008 9:54 am Yeah....yeah...yeah....we all know you love your little worm..... Slimy! mmm....donuts Homer Simpson 1956- Links: Site Costs Ready Reckoner | H1 Addiction Medical Advice | Château TDL: The Backyard 0 5681 Hi We have finally decided to complete a KDR on our corner plot in NE Melbourne suburbs. Given its a corner plot approx. 400 sqm just a standard design may not fit the… 0 8556 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 13673 |