Cost of extending a terrace

Wife and I are mulling about buying a 3 storey, 2 bedroom 1 bathroom terrace. It is in dire need of work.

Wondering what the cost would be of:
1. Gutting it completely
2. Removing a half built crumbling extension that exists on the ground floor alone
3. Extending outwards to build a new living / kitchen on the ground floor
4. Building second storey to add 1 more bedroom and 1 bathroom to 2nd floor
5. Potentially adding 1 new bathroom on ground floor
6. Renovating the originals (e.g. redoing stairs, flooring, lighting, electricals potentially)

I have estimated somewhere in the ball park of 400k-700k depending on the standard.

Also what is the time frame from submitting DA to finishing build. A friend said maybe 6 months for DA and 6 for the build.

One complicating factor is that this terrace has no direct access to the back except through the building internally. I'm not sure what implications this has as I'm not a builder, but I can already imagine some issues. For example, how will they be able to get an excavator into the back etc. How much would this potentially add in terms of cost?

Renovated terraces in the area can cost up to $3 million, so we are not too concerned about overcapitalising if we can get it for the right price. Also looking to live in and not flip in the short term.

 

@Mel Morgan has done some work previously on Terror-souses.

If you don't have access to the rear, 2 options spring to mind - a lot of manual labour & conveyor belt or a 100t crane to lift a bobcat into your rear yard (If there are no power lines/trees/obstructions/wide street).

Rear lanes or dunny lanes are great for some things like access.

 

Yep I'm up to 5 terrace reno/rebuilds in Inner West and City of Sydney.

The DA process once submitted (and might be several months to get the plans and documentation to submission stage) will probably take 4-9 months taking into account heritage considerations on top of everything else.

Then to get the CC could take up to 3 months with the build likely 9 months+.

Cost is hard to estimate - I would expect toward the higher end of your guide. No access to the back will just add time and cost to the works. What's parking like in the street? This could also add complications.

If done well its definitely a worthwhile and rewarding project but it is slow and a lot of work!

 

Thanks a lot for your reply Mel. Very informative.

Unfortunately the street is sloping and narrow. But in it's location at the end of a cul-de-sac it is not typically full of cars during the day time.

We are planning to make it our PPOR but don't want to overpay and get stuck in an endless blackhole. I've seen estimates for two storey extensions around 500k, what makes you think it will stretch out to 700k? We are looking to add only approximately 60-70qsm. Sorry for the ignorance. Also the terrace is not heritage listed.

If possible, would you be happy to be PM'ed for a few more questions?

 

The cost may well be contained around 400-500k (and with experience its easier to manage) but can also easily blow out with site access, parking/delivery problems, hidden asbestos or sandstone underground, renewing plumbing/getting enough fall, etc

Sure feel free to PM me or give me a call.

 

Hiya,

Curious to know how you went with your terrace renovation and if you went ahead with it?

 

I'm curious to know too. Our 48sq reno is costing us about $17,000/sqm in North Sydney.