New House - Costs

I have a large block of land just outside of Canberra. With all of the interest rate drops we have had it may be the time to build a house on the block to rent out. Selling it hasn't worked.

Having never built a house how does one work out a budget for the house???
What costs would need to be taken into consideration?

I was looking at getting a kit home built on the block in the $80k-$130k range
Obviously I will need a builder,
Plans would need to go through council etc.

Is there a rough formula that I should budget for ie 2x house price etc.
 
Is there a rough formula that I should budget for ie 2x house price etc.

Thats a good starting point at least for a kit home and then add a bit more for good measure.
For a project builder add $100k (minimum) to their base price for the finished product.
the base price doesn't include curtains/driveways/fences/landscaping/carpet/floor tiles (other than wet areas)/light fittings also you'll have to read the contract carefully to see if things like council fees/utility connection fees are included. Then you'll have (in NSW) Basix issues to deal with that will invariably change the design (extra costs), council requirements that are over and above base price inclusions, soil tests that will concluded you need a stronger slab design (read more $$) not to forget site costs like excavation and dump costs, deeper piers bla bla bla.
You get the idea that the base price doesn't include much
 
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