Who here has build apartments?

[Timmyd]

Who here has built apartments?

Hey ALL!
Im working on an upcoming project.

Who here has built apartments?

What did it cost for construction?
How did the project go and did it sell?
Anything you would do differently?
What margins do you work to?

I have a site and may be able to buy the adjoining block and would have potential to do 3 storeys and basement and 20-25 apartments.

FYI, i am a Builder and do other developmets but stick to townhouses and the usual residential stuff...

Just after others advise and experience as to weather its worth em doing or not...

Tim

 

[morty]

Hey Timmy,

I'm just finishing 11 over 3 levels and a basement and to say it's been challenging would be an understatement!

The build side is the easy bit it's just the funding and the cashflow that has been a headache since the start. The banks hate owner builders and they have sunk the boots in at every oppurtunity!

Anyway, nearly done now and $$$ wise it's been well worth it, I think i need a break to recover though!!

Cost was about 2.5m but i sold 5 off the plan which nearly covers that so well worth the exercise. I'm about to start 27 over 5 levels (with basement)for a client so it'll be nice to have someone else pay the bills for a change.

Let me know if you want a hand with anything as i've certainly learnt a lot along the way.

Cheers
Morty

 

[Brian84]

Hey Timmy,

I'm just finishing 11 over 3 levels and a basement and to say it's been challenging would be an understatement!

The build side is the easy bit it's just the funding and the cashflow that has been a headache since the start. The banks hate owner builders and they have sunk the boots in at every oppurtunity!

Anyway, nearly done now and $$$ wise it's been well worth it, I think i need a break to recover though!!

Cost was about 2.5m but i sold 5 off the plan which nearly covers that so well worth the exercise. I'm about to start 27 over 5 levels (with basement)for a client so it'll be nice to have someone else pay the bills for a change.

Let me know if you want a hand with anything as i've certainly learnt a lot along the way.

Cheers
Morty

How long from start to finish has it taken to build the 11 units

 

[aussieB]

Hey Timmy,

I'm just finishing 11 over 3 levels and a basement and to say it's been challenging would be an understatement!

The build side is the easy bit it's just the funding and the cashflow that has been a headache since the start. The banks hate owner builders and they have sunk the boots in at every oppurtunity!

Anyway, nearly done now and $$$ wise it's been well worth it, I think i need a break to recover though!!

Cost was about 2.5m but i sold 5 off the plan which nearly covers that so well worth the exercise. I'm about to start 27 over 5 levels (with basement)for a client so it'll be nice to have someone else pay the bills for a change.

Let me know if you want a hand with anything as i've certainly learnt a lot along the way.

Cheers
Morty

Also, do you mind sharing how did the bank financing the 11 units work in your case ? What kind of money did you need to come up with ?