Hi all
Earlier this year we bought a property with the intention to knock down re build - however, having gone through the tenders, our numbers were not stacking up. Having had good growth in the Sydney markets, we would rather not put ourselves in the red, and would rather spend the additional funds we have on buying more IPs else where.
Also considered keeping the existing house as an investment, as it is a nice big block, with good frontage, and would always be in demand; and buying another home in Sydney.
Given the Sydney market, it is not making sense to purchase another home elsewhere. I know it is home - but we would rather make the most of other markets in our accumulation phase.
So - the alternative is - fully renovate the house we purchased earlier this year, extend it, and modify it to meet our needs. I know extensions cost a lot - but doing this adds up better than knocking down and rebuilding OR buying elsewhere (where we would like to live). Additionally - the value of our property has already increased by ~12% in just a six month period since acquisition - so it is not like we will be going backwards doing this.
I am wondering if anyone here has had experience extending their home in Sydney? We are looking for recommendations on private builders.
What sort of costs are we looking at? Are there any council contributions involved in extensions?
Thanks
Monalisa
Earlier this year we bought a property with the intention to knock down re build - however, having gone through the tenders, our numbers were not stacking up. Having had good growth in the Sydney markets, we would rather not put ourselves in the red, and would rather spend the additional funds we have on buying more IPs else where.
Also considered keeping the existing house as an investment, as it is a nice big block, with good frontage, and would always be in demand; and buying another home in Sydney.
Given the Sydney market, it is not making sense to purchase another home elsewhere. I know it is home - but we would rather make the most of other markets in our accumulation phase.
So - the alternative is - fully renovate the house we purchased earlier this year, extend it, and modify it to meet our needs. I know extensions cost a lot - but doing this adds up better than knocking down and rebuilding OR buying elsewhere (where we would like to live). Additionally - the value of our property has already increased by ~12% in just a six month period since acquisition - so it is not like we will be going backwards doing this.
I am wondering if anyone here has had experience extending their home in Sydney? We are looking for recommendations on private builders.
What sort of costs are we looking at? Are there any council contributions involved in extensions?
Thanks
Monalisa