IP House plans review and comments

[SamL]

Hi,

I have an existing property in Bendigo I am looking in to subdividing. I have just managed to get a copy of existing plans that were put through council a few years ago which have since expired.

The plans are for a 3 bedroom, 2 story house and would love some comments from fellow SS's as to what/if they would change to maximise end value.

As you will note the land does slope up away from the drive.

Looking forward to peoples comments.

Cheers,

Sam

 

[westminster]

Looks good - very functional.

How does the feasability stack up? Is there comparable 2 storey units in Bendigo?

 

[SamL]

Looks good - very functional.

How does the feasability stack up? Is there comparable 2 storey units in Bendigo?

Thanks for having a look.

I am currently liaising with a few builders and real estate agents to get a good understanding of expected end value and build cost. As well as discussing the most appropriate level of finish for the market in this area.

Yes there is similar around in the area though most older houses in general would be single or split level as opposed to 2 story, whilst newer ones are the two stories. It is near to the University and a new Woolworths is going in to the local shopping centre walking distance away so I believe demand is there.

Early indications are that the end value would be in the range of $350,000-$400,000. I would be looking to have total costs for the project including subdivision at around the $250,000 mark but need to drill down on this as I might be underestimating build costs.

I don't believe there will be much of a drop in value of the existing property after the subdivision. The property was bought for $315,000 and is a different design to most but is an older weatherboard (vertical boards!) which has had the bathroom and kitchen re done previously. No 3 bedroom house in this area sells for less than $300,000.

This is my first project of this nature, so is definitely a learning exercise as I go along. At this stage I am looking do the project and hold both the properties and hopefully release enough equity for the deposit for the next buy.

 

[kabba]

Keep us posted SamL .. Real Estate agents are a good source of info and are generally quite good in Bendigo. I would say that the value of the new unit would be a the lower end of the range though, and be prepared to lease it out to uni students. Generally a pretty good area though as I have several IPs there . Do your sums carefully ! Be careful of the extra costs that may have been missed. Landscaping, contributions , water detention systems etc etc

 

[SamL]

Cheers kabba, yep I will need to be tight on the numbers as with a lower cost development every dollar is a greater percentage cut out.

Yep will keep it running in this thread as I progress and will see where I get to.