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!
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Browse Forums General Discussion Re: Renovate? 2Jun 04, 2020 6:03 pm 170k seems extremely cheap for adding on a second story. Whether you are overcapitalizing generally depends on the area you are in and property values around you  26 Apr 2015 24 SA Junior Member Re: Renovate? 3Jun 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. Re: Renovate? 4Jun 04, 2020 7:35 pm  JuanIf 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. 3in1 Supadiverta. Best Practice Rainwater Harvesting using syphonic drainage. Cleaner Neater Smarter Cheaper Supa Gutter Pumper. A low cost syphonic eaves gutter overflow solution. 12 Dec 2019 10 QLD Junior Member Re: Renovate? 5Jun 04, 2020 9:05 pm It is high time to act, the only thing all experts keep saying in terms of starting constructions or renos we will be downsizing for retirement. since i am on the planning/budgeting stage: 1. what things do i have to consider when deciding a knock-down/rebuild or renovate? 2.… 0 413 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… 1 1322 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… 2 811 |
