Jun 17, 2020 11:53 am
I know it is a how long is a piece of string question, but I'm trying to get some numbers to see if my project is affordable.
I am looking at buying a beach house in a coastal town (Vic). Pretty cheap area, I could buy a place with nice land for around $300k, get a $100-150k reno and have a nice house, although with a few flaws that would be too expensive to fix. But I'm thinking that since land is cheap there, I might as well build.
There are a few blocks for sale that I like and would have nice views. Sloping (pretty steep) and sandy soil. It will need water tank and septic system. It's a sleepy beach town and a mix of (original or renovated) beach shacks or new houses built to poor to medium standards.
I would get a small 2 bed 1 bath (85-100sqm) house, probably on poles. Ideally I would like to have a good design and build quality (insulation, double glazing, decent kitchen and bathroom) but nothing extravagant. I know it will have to be a lightweight build (colorbond or similar roof and cladding) and most likely custom built. I'm also happy to consider prefab options etc. but not sure it it will be cheaper.
I also went to inspect a house built 2 years ago that was selling for $400k (sloping land they paid 100k, and I assume they are not making a loss). It was a too big and the quality seemed very average, but it gave me a good idea of what I could get.
I'm trying to see whether a budget of $300k would cut it, or if you think I should rather renovate some older house that's on the best land I can find. I have contacted a couple of builders who were very evasive and in essence told me to contact them when I has signed an offer on a block.
Any thoughts on the budget and feasibility?
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