Hi all,
I intent to build 2nd dwelling at backyard whilst retain the front house in Albion VIC. It is corner block and 150sqm spare land left for new building/ subdivision. I have not decided to sell or keep both for rent.
There are 3 options coming up:
1- Single storey dwelling - 3 beds/1 bath/2 carspace, 110sqm. Market value ~ 375k. Construction cost - 130k (If I go to owner builder path, probably the cost is 100k and be able to fund by cash then refinance after completion)
2- Double storey dwelling - 3 beds/2 bath/2 carspace, 130sqm. Market value ~ 390k. Construction cost - 182k
3- Double storey dwelling - 4 beds/2 bath/2 carspace, 150sqm. Market value ~ 420k. Construction cost - 250k
Apparently double storey will have small footsprint and allow for more open spaces/ backyards. However the single storey cost less to build and may suitable for small family/ FHB who is likely the target market.
Should I go with the maximum development option or stick to cheap & affordable one?
Ta.
I intent to build 2nd dwelling at backyard whilst retain the front house in Albion VIC. It is corner block and 150sqm spare land left for new building/ subdivision. I have not decided to sell or keep both for rent.
There are 3 options coming up:
1- Single storey dwelling - 3 beds/1 bath/2 carspace, 110sqm. Market value ~ 375k. Construction cost - 130k (If I go to owner builder path, probably the cost is 100k and be able to fund by cash then refinance after completion)
2- Double storey dwelling - 3 beds/2 bath/2 carspace, 130sqm. Market value ~ 390k. Construction cost - 182k
3- Double storey dwelling - 4 beds/2 bath/2 carspace, 150sqm. Market value ~ 420k. Construction cost - 250k
Apparently double storey will have small footsprint and allow for more open spaces/ backyards. However the single storey cost less to build and may suitable for small family/ FHB who is likely the target market.
Should I go with the maximum development option or stick to cheap & affordable one?
Ta.