Kit Home Duplex Development - Rockstar No.3

Here we go again folks. Just submitted plans to council for our long awaited 3rd duplex project. This one has dragged on for about 18mths and has just taken a recent twist. After planning the duplex (two project homes on the site) we came up against ongoing finance issues, particularly during the recent lodoc changes.

A friend was planning a similar project nearby and was experiencing similar problems. His wife suggested throwing a couple of cheapies onto the site and so we ran the numbers on a 2 bed kit home. After running the BOE feaso and discussing the product with local agents, we were pleasantly surprised with the results. We could build these units at a much cheaper cost and realise similar profits and/or higher rental yields.

Since finance still restricts us we will be constructing one at a time - will either strata subdivide and sell, or rent and refinance before beginning the 2nd unit. Doing it this way we have enough funds in our offset account to cover all expenses for Unit 1.

Here are some shots of the plans and elevation 1. Sorry the quality is a bit poor. Will give more info and pics in next post.
 

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Here are some pics of the display home which ours has been modified from. The display home is 6m x 10.6m. Ours is 6.6m x 11.2m with a 6x3 covered deck off the living/dining area which opens onto the backyard. The underneath shot shows the bearer/joist setup. Treated pine 190x38 (doubled up for bearers)

Feaso

Land 260k
Total Construction incl strata costs 200k (100k x 2)
Council 20k
Holding costs 50k
Contingency 20k

Total 550k

Todays Market Value 700 - 750k

Todays Rental Value 650/wk
 

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Some more pics and history.
This site had some reasonable size gums on it. Cost me $700 to cut them down and $1100 to clean up and separate the branches from the butts + dig out and remove the stumps. We had the trees mulched up for $400 and sold it on for $400. The large butts were cut up and removed for free by a local firewood supplier.
 

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Plans approved yesterday. Will be lodging CC next week and should be onsite following week. Will order the Kit next week which will be ready in 4 weeks. During that time we will do the site cut, pour footings and get posts in. Also plan to put in driveway and garage slab.

Demand is hot for our product at the moment. My friend is currently preparing a contract for his kit home (same as ours) for 380k and he has only just poured his footings. :)
 
yes, interested to see how it goes - i am looking at a build and if i can take construction costs from 150k down to 100k it could be interesting...
 
Rockstar,

With reference to your display home pics, hopefully the house comes with a staircase.

Knowing my luck, I would be half tanked and race out the back door:)

Good for a quick exit though!

Cheers

F
 
sorry for the delay in responding. Just had to go for an operation on a cruched little finger. Won't be able to swing a hammer for a few weeks :(

nww - no we have to pay for footings and posts - should be around 3k

fudge - yeah full external staircase to front door

Lodging CC today and also meeting council planners to discuss second dwelling for dual occ
 
Still awaiting the CC. Had council site inspection on Friday so should have the CC by the end of next week or early the following week.

Have attached the budget for the project.


I am helping a friend build virtually the same kit home at the moment and have attached a couple of pics to show the progress of his kit after 1 week from footings and posts being in place.
 

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Valley Kit Homes.

If any of you sign up with them for a kit I am eligible for a small introduction payment so it would be appreciated if you message me beforehand so I can give you my details. :)
I also can give you advice regarding negotiations with them since my friend and I are buying a few kits off Head Office and have become familiar with the staff. ;)
 
Hi Rockstar,

I hope it wasn't your typing finger you crushed. Ouch

Hey,, these kit homes. I take it you are building them yourself as an owner builder??:confused:
 
No Giddo, not this round. Am hiring a builder to oversee but will be the project manager, supervisor and deck hand. ;)

Stitches came out of little finger today but it's still in a splint which makes it tricky to swing a hammer. :D

Paid 11k today to kit home mob and they are now beginning manufacture and ordering of the lock up kit. Should be ready in 3 weeks so I need to prepare the site and get my footings and posts in as soon as CC is signed off by council.

Any plans in the pipeline for you mate?
 
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CC was approved yesterday after some slackness by council. I had already begun the site cut. ;) Finished site cut on Wednesday and started marking out yesterday until the rain came belting down. :eek: Power was hooked up also. Will try to complete mark out today (some blue sky out there) and excavate holes tomorrow to be inspected on Monday. Posts are ready to pick up today. Kit will be delivered Monday week.

Here are some pics.
 

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Yeah it's a bit deceiving HandyAndy. Here is the plan with both existing (under construction) and proposed - soon to be lodged with council. Garage is underneath both houses.
 

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Really interesting, couple of questions, what is a CC, is it like a building permit. What is the walkway joining your two houses,or was that just at the display centre. I will look up if they do any 2 storey houses as thats what we want
 
Hi Fernfurn,

CC is Construction Certificate - which is the permit to begin building.

Yes they do have 2 storey plans

The walkway is just at the display which links the office to the building display. We have two seperate houses that are not joined. There will be a fence between them.
 
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