Duplex build with husband

Almost there...

Getting closer to finishing - Kwik kerb around gardens was laid yesterday, hubby is building back boundary fence today, just need turf to be delivered so it can be laid, hoping for turf to be cut & delivered this week.

Security screens nearly all installed - garage wrong size as we had changed window size & notified manufacturer but somehow it didn't get changed on their end.

Hubby has ordered Sir Walter Buffulo turf @ $7.50 per metre compared to couch at $4.40 per metre. :cool: We have never had Buffulo so wanted to try.

Costs so far...
Holding costs $33,272 (this includes about 5K of costs which belongs to IP2 as I used money from LOC to finance 20% deposit).

Building $324,36 (does not include Painter, electrician, lights, turf, fence or gates)

Land & fees $145,237

Total
Land & Building 469,573 so far without interest & above bills to come

So far all up costs = $502,845 REA appraisal was $720,000 or $360K per unit.

Hard to value hubby's labour content as some days he has trouble getting his work done due to friends & neighbours dropping into chat and my hubby loves a chat.

Duplex is over budget a little because hubby added in extra's he wanted eg. built in shelves in all bedrooms, paths all around building, extra brick wall in garden, fence, extended back patio area, storage shelf under units, solar powered fans to vent void areas, buffulo grass.

Today is sunny so hopefully project finished this week as tenants move in on 29th. Funnily enough we had 6 lots of applicants for the units so PM had plenty to choose from.

On another note we live across the road from a 2x2 bedroom duplex which had an open on Saturday for prospective new tenants to look at one unit. Ten cars were waiting for PM when I left.

The market demand locally is now 2 bedroom duplex units to rent and 2 -3 duplex bedroom units to buy. There is a Supplier Spectacular on tomorrow and Rockstar and I are booked into to attend, I went to one early in the year and a rep gave me a big discount on some products so was worth attending.

Driveway is peeling - this was due to a few factors we may have to grind back later on.


Cheers
Sheryn
 

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The turf arrived 5 weeks after being ordered

Sir Walter Buffalo arrived yesterday, I couldn't believe how heavy each strip of turf was as totally water logged. Hubby has laid most on his own, I only helped a small bit as hubby was to come back and pick me up at lunchtime and by the time he arrived home at 4pm our daughter was walking up front stairs to say her boyfriend was at the hospital with a broken arm and needed his car picked up.

Unit 1 tenant has moved in & hubby had to fix some things like, toilet door wouldn't shut, toilet not turning off (plumber called - the same/similar thing has occurred on last 3 new builds with different plumbers) and problems with opening privacy lock in bedroom from outside as child locked themselves. Hubby offered to change to plain passage lock instread of privacy lock.

PM has done pre-inspection for Unit 2 the tenants are moving in earlier on that one too.

Hubby has booked final inspection for Thursday PM.


Regards
Sheryn
 
Front yard pictures

Pleased with outside presentation and appearance, I like light cream bricks and luckily so does hubby, we spent extra to get external feature lighting above roller doors. The gardens are as big as we could make them as front yard is steep to mow and we wnated to cut down the taks of mowing for tenants.

The back yard is not shown but is nice and flat and makes a good outdoor entertainment area.

First picture - right unit 2 - this will eventaully become our next PPOR.

Second picture - left unit 1 - tenant has moved in with pot plants.

Third picture - notice junk mail already in letter box again we spent extra to have brick letter boxes.


Regards
Sheryn
 

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Good job there Sheryn.
I like the Kwik Kerb, how much did that cost?

Gotta say though, that last pic looks like a cople of headstones to me....
Hopefully others will totally disagree.
 
beginner

hi sheryn, this is so inspiring! congrats to both of you!
Whereabouts is this duplex? Is it near the previous you developed with your daughter? This one looks like a sweet deal. Would you be able to compare the 2 deals and let us know which one was more profitable and why please? I would very much love to learn from the expert. thanks a million!
 
Good job there Sheryn.
I like the Kwik Kerb, how much did that cost?

Gotta say though, that last pic looks like a cople of headstones to me....
Hopefully others will totally disagree.


Kwik Kerb was $22 a metre & 47 metres laid = $1034 but tradie charged us $875 as large gardens and he believes he will get further jobs off our front garden and highly visible (steep).

Headstones - I will have to have another look. :eek:
 
hi sheryn, this is so inspiring! congrats to both of you!
Whereabouts is this duplex? Is it near the previous you developed with your daughter? This one looks like a sweet deal. Would you be able to compare the 2 deals and let us know which one was more profitable and why please? I would very much love to learn from the expert. thanks a million!

Current duplex is near other duplex and when all bills in I will put up a final costing.



Cheers
Sheryn
 
Sheryn
Good work but regarding the roller doors, why didn't you install panel doors which look more modern?
http://www.bnd.com.au/ideas/

I agree panel doors with feature would look more modern.

Daughter has a panel door on her duplex unit with her bedroom above and she says panel lift very noisy opening and shutting at night were as roller doors not as noisy.

Might be worth considering next time though if we don't put bedrooms above garages.


Cheers
Sheryn
 
Well done Sheryn! I agree with the noisy doors. We had a roller door recently installed and I couldn't believe how quiet it was compared to the panel doors.

Give yourself and Hubby a pat on the back - and maybe a trip around the country. :D
 
Potential profit 171K - ute 65K - 5K holding costs on land = 101K.


Regards
Sheryn

Remember this quote back from 1.10.2010 New ute was 65K, well someone started a unauthorised reno on our ute, hubby was T boned last week in a 50km zone at a give way.

He has a sore shoulder, suffered shock and we will be out of pocket but no permanent damage to hubby. The ute is a different matter so awaiting insurance assessor verdict as police said it was a big hit.

We are lucky accident did not happen whilst building as we only have one car.

If you look at the third photo [drivers side] you can see bottom of 4WD has been pushed out of alignment from passenger side. Lots of damage inside and under eg chassis has been bent out of shape.


Kind Regards
Sheryn
 

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The end result

All up the cost to build the duplexes was $500,110.48 includes everything.

Each unit cost $250,055.24 with land or $180,055.24 without land. Hubby's labour was free and not costed into project.

Duplex is not strata'd - that will cost about 7K. We didn't put A/C in either that will be about 5K each side. Unit 1's tenant is exceptional so we may put it in for winter if place is cold we will see how we go. Unit 2 is the side we plan to live in.

Rented @ $330 per week each unit.

Finally got around to organsing the depreciation schedules.

Depreciator schedule for Diminishing Value Method

5089.81 this year
6446.89 next year
6027.99
5626.36
5130.24


Rates $516 a quarter.
H&C insurance $1430 for 500K for building and 30K contents.

One thing I did not know about is that we are charged a yearly service fee for the hot water LPG!

The market is flat locally so I would say the 360K for each unit valuation given in October 2010 when duplex first completed would have dropped to 330K if I needed to sell bearing in mind new places generally sell at a premium as brand new.


Kind Regards
Sheryn

BTW
Another Home/Owner builder that started his house the week after our project started is still not finished and the guy is retired & about hubby's age so he can't use work as an excuse for not finishing his place!
 
All up the cost to build the duplexes was $500,110.48 includes everything.

Each unit cost $250,055.24 with land or $180,055.24 without land. Hubby's labour was free and not costed into project.

what would hubby's labour be if it was costed? did you factor in interest costs or the opportunity cost if you didn't borrow for it?

sounds like you did well.
 
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