Hey guys,
This is one of my newest developments which is about to commence. It’s a 4 townhouse/unit development – 2 townhouses and 2 single story units located in a decent suburb of Melbourne. As a result it will have a pretty good finish. Last week the existing house was demolished so it is vacant land now.
I bought this mid last year with an 8 month settlement and obtained the Town Planning Permit during this time . At the moment the numbers look like this:
Land & Town Planning costs
Land: $570,000
Stamp duty/legals: $31,000
Permits, surveyor, council application fee, engineering etc: $30,000
Total Costs: $661,000
Construction
Total build: $625,000 (I'm a registered builder so my costs are naturally lower than a developer)
Subdivision (open space levy in Victoria): $28,000
Interest: $35,000
Bank app fee: $5,000
Titles & legals: $2,000
Total Construction cost: $695,000
COMBINED TOTAL (LAND & CONSTRUCTION): $1,356,000
The dwellings today would have a combined value of about $1,840,000. I’m allowing 6-7 months to build. They range from 11-18 squares and rents would be around $1,730 pw. I’ve attached images of the house during demolition and after demolition. Blocks look so much bigger when vacant!
The plumber is in next week to do the underground work, followed by the concrete guy right. I’ll upload images as it develops. Any questions feel free to ask.
Cheers, Oscar
This is one of my newest developments which is about to commence. It’s a 4 townhouse/unit development – 2 townhouses and 2 single story units located in a decent suburb of Melbourne. As a result it will have a pretty good finish. Last week the existing house was demolished so it is vacant land now.
I bought this mid last year with an 8 month settlement and obtained the Town Planning Permit during this time . At the moment the numbers look like this:
Land & Town Planning costs
Land: $570,000
Stamp duty/legals: $31,000
Permits, surveyor, council application fee, engineering etc: $30,000
Total Costs: $661,000
Construction
Total build: $625,000 (I'm a registered builder so my costs are naturally lower than a developer)
Subdivision (open space levy in Victoria): $28,000
Interest: $35,000
Bank app fee: $5,000
Titles & legals: $2,000
Total Construction cost: $695,000
COMBINED TOTAL (LAND & CONSTRUCTION): $1,356,000
The dwellings today would have a combined value of about $1,840,000. I’m allowing 6-7 months to build. They range from 11-18 squares and rents would be around $1,730 pw. I’ve attached images of the house during demolition and after demolition. Blocks look so much bigger when vacant!
The plumber is in next week to do the underground work, followed by the concrete guy right. I’ll upload images as it develops. Any questions feel free to ask.
Cheers, Oscar