I am planning to construct 2 double story side by side townhouses on my existing IP in Glen Iris, (a Melbourne Eastern suburb) and this is my first development.
I am planning to hold both of the dwellings as it is a blue chip area and in good location.
The idea of doing this project is to manufacture capital growth as currently the property is rundown, highly negative geared (i bought this in 2007 during boom time) and may just break even if I sell now.
Based on the feasibility, the out goings from my pocket would roughly be the same as of now for both properties together, but with increased equity and capital growth going forward
The site is 669sqm with 15.24 m frontage and about 1.3m fall (NE to SW) in building envelop.
Based on feedback from RE agents, the dwellings should be medium/high quality due to the suburb and there is a good demand for the dwellings with the following and PP got approved by the council.
Dwelling 1:
Bedrooms - 4 (2 Master - one GF and one FF with En-suite and WIR)
Living - One at GF
Sitting - One at FF
Bath - one at FF
Garage - Single (could not achieve double due to 15.24m frontage)
Study - small
Kitchen (with Pantry), Dining and Living as a open plan
Alfresco, Laundry and Powder room
height - 2.7m for GF and FF
External Finish: Face Brick at GF and render at FF
Total Area: About 30sq
The dwelling 2 is similar to 1, but 2 meters less length due to increased rear setbacks at First Floor. It does not have study and is about 28 sq in size. I am thinking of converting Ensuite and WIR at FF to Study as there is one Master Bedroom at GF and one common bathroom as FF.
Is this a good idea?.
I am thinking of following specs
1. Quality Floor Boards/Tiles in Living, Dining and sitting
2. Carpets in Bedrooms and study
3. Wall to wall tiles in wet areas and up to eye level in Kitchen
4. Quality Kitchen Bench tops (Ceaser stone/Marble/Granite..??)
5. Quality Kitchen Appliances
6. Glass splash-back in kitchen..??
I had a chat with one builder recently and he gave me a ballpark figure of $15k/sq based on what I wanted. This does not include, drive ways, land-scapping, site costs, storm water/drainage and connection to external services. I am allowing additional $100k for this plus contingency and another $100k for holding costs.
Are these costs and allowances reasonable?
I have just got planning permit approved and looking for a good builder, who has good reputation, deliver in time and can achieve above with less budget?
Any suggestions for above and any referrals for builders welcome.
I am planning to hold both of the dwellings as it is a blue chip area and in good location.
The idea of doing this project is to manufacture capital growth as currently the property is rundown, highly negative geared (i bought this in 2007 during boom time) and may just break even if I sell now.
Based on the feasibility, the out goings from my pocket would roughly be the same as of now for both properties together, but with increased equity and capital growth going forward
The site is 669sqm with 15.24 m frontage and about 1.3m fall (NE to SW) in building envelop.
Based on feedback from RE agents, the dwellings should be medium/high quality due to the suburb and there is a good demand for the dwellings with the following and PP got approved by the council.
Dwelling 1:
Bedrooms - 4 (2 Master - one GF and one FF with En-suite and WIR)
Living - One at GF
Sitting - One at FF
Bath - one at FF
Garage - Single (could not achieve double due to 15.24m frontage)
Study - small
Kitchen (with Pantry), Dining and Living as a open plan
Alfresco, Laundry and Powder room
height - 2.7m for GF and FF
External Finish: Face Brick at GF and render at FF
Total Area: About 30sq
The dwelling 2 is similar to 1, but 2 meters less length due to increased rear setbacks at First Floor. It does not have study and is about 28 sq in size. I am thinking of converting Ensuite and WIR at FF to Study as there is one Master Bedroom at GF and one common bathroom as FF.
Is this a good idea?.
I am thinking of following specs
1. Quality Floor Boards/Tiles in Living, Dining and sitting
2. Carpets in Bedrooms and study
3. Wall to wall tiles in wet areas and up to eye level in Kitchen
4. Quality Kitchen Bench tops (Ceaser stone/Marble/Granite..??)
5. Quality Kitchen Appliances
6. Glass splash-back in kitchen..??
I had a chat with one builder recently and he gave me a ballpark figure of $15k/sq based on what I wanted. This does not include, drive ways, land-scapping, site costs, storm water/drainage and connection to external services. I am allowing additional $100k for this plus contingency and another $100k for holding costs.
Are these costs and allowances reasonable?
I have just got planning permit approved and looking for a good builder, who has good reputation, deliver in time and can achieve above with less budget?
Any suggestions for above and any referrals for builders welcome.