Jun 04, 2020 12:50 pm
Currently own a three bedroom home, one living area, 360m2 block (built in 2018/19). We have been considering building a second story, which would turn the house into a four bedroom home, with a small study and a second living area. Have been quoted 170k. House as it currently stands is valued at 430k.
If we go ahead with this are we risking overcapitalising? Should we just look at building a whole new house?
Obviously now is the time to make the decision with the current grant!
Jun 04, 2020 7:26 pm
Overcapitalising is in the eye of the beholder. It depends on how long you plan on living in the property. If it is long term who knows what house pricing will look like in the next 10 years or so.
Another way to look at it is if you put in $170k onto your $430k and get 10 greats years of liveability and the house is only worth $550k at the end of the 10 year period. Then is the capital costing component vs the change in your liveability standard that much of a gap?
One thing I would say if you have the means to do so - do it now.
Jun 04, 2020 7:35 pm
If it is long term who knows what house pricing will look like in the next 10 years or so.
Who knows what anything will look like 10 years from now except bad.
jezzarose, your most important consideration on which to base decisions is long term job security.
Sign in or Join to reply to this Topic
MrCurlyRaise and renovate - where to start?Raise and renovate - where to start?
If I were you I would speak to one of the house relocation companies, there is one around Caboolture. Ask about their process regarding setting up relocated…
arcadelthow’d you like a $40k grant to renovate your home?how’d you like a $40k grant to renovate your home?
Unfortunately, just like everything else the Government pushes money into, it will happen. During the GFC "pink batts program", prices magically rose to the level of…
RevinatorTax Payers Slugged $400K to renovate Parliament coffee cartTax Payers Slugged $400K to renovate Parliament coffee cart
We finished a 4 level office fit out project for the Government, (I wont name who) budget of 25million. QS came in at 30. Final cost 20mil. Here's the kicker, the lease…