Major reno...will I need to sell a kidney?

Discussion in 'Renovation & Home Improvement' started by Ozgirl, 18th Oct, 2019.

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  1. Ozgirl

    Ozgirl Member

    Joined:
    18th Oct, 2019
    Posts:
    11
    Location:
    Melbourne
    Hi folks,

    My family just moved back to Melbourne after a lengthy stint based overseas and would love some help getting a ballpark figure for a major reno. Hubby and I are generally crap in the DIY department. On the other hand, we have plenty of experience in war and disaster zones, sleeping on floors, and surviving on ready to eat meals – so not entirely unequipped for a reno

    The area we live in includes a lot of houses in heritage precincts and vacant land is rare, so opportunities to knock down and rebuild, or build from scratch, are rare. Please, no suggestions to move to a different location – I have two kids with disabilities and we need to be reasonably close to their particular school.

    And hope you will forgive the lengthy post – most of the queries I’ve seen on this forum get a lot of follow up questions (ie, how long is a piece of string?), so I’ve tried to be as specific as possible.

    We’ve seen a nice Californian bungalow on a good size chunk of land, but it would need:

    Second story addition at rear (keeping façade intact to meet council requirements), adding 2 bedrooms, a bathroom, and a living area for the kids – they’re entering their teens now, so we could all do with some space away from each other!

    The kitchen downstairs is a total gut job, as is the existing bathroom and laundry– and they need to be moved to new locations, so new plumbing will be required (may be able to swap some of the kitchen plumbing into the existing laundry and bathroom spots – but let’s assume that’s not possible).

    At least one or two interior walls would need to come down and new interior walls erected in a couple of other spots.

    There’s also a massive brick garage barely two steps away from the back of the house - and the living/ dining would face directly into it– so that would need to be moved or demolished.

    House is from the 40’s and while it has been very well cared for, it will most likely need to be rewired, and there’s the potential for plenty of the usual old house issues to crop up.

    What should I be budgeting for this, at mid-range? I’m guessing 500K at least…and wouldn’t be surprised if it’s more, but would love to know how much more!

    Happy with an IKEA kitchen – had one in my last place and it was still going strong after 6 years, but would like stone countertops this time. Vinyl planks for the upstairs addition are fine. Downstairs has great wood floors hidden under carpet – expect they can be saved. Large backyard with easy rear access, so can keep a skip and equipment there, and park a large vehicle too – more space if we demo the existing garage/workshop first. Front half of the house is in good nick – will keep that mostly as is – rear will need big changes (kitchen, bathroom, walls etc as detailed above).

    It will cost at least a one mill for an unrenovated house in the areas we’re looking at (Moonee ponds/Ascot Vale/West Brunswick/Flemington, possibly Maribynong) – would be great to get some ballpark estimates for renos, as maybe we would be better off buying something that’s already had all the work done, if we can get together enough cash....We’re in a rental now, so won’t be living onsite during the reno.

    Many thanks in advance for any insight or advice you may have!

    Ozgirl
     
  2. robboat

    robboat Well-Known Member

    Joined:
    20th Jun, 2015
    Posts:
    172
    Location:
    Sunny Queensland
    Welcome to the forum...
    I would say easy $500k if your letting the tradies do all the work...your doubling the house size...
    And you do not mention a timeframe for completion...if your renting this could be an issue?
    Do not skimp on the kitchen...
    Double check the local heritage preservation requirements for the house....and demo of garage..asbestos?....these could really upset your budget.
    See other similar renovations in the area and ask them about issues.
    With an older house you don't really know for sure what is needed to maintain the current structure given your planned changes..you say it looks solid?....best to plan for the worst / most expensive option and if you get lucky with a few changes that is a bonus....eg. rewire / plumbing
    Get a comprehensive building report before anything....;)
    Take a few before and after shots and post them....:)
    Good luck.
     
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  3. Ozgirl

    Ozgirl Member

    Joined:
    18th Oct, 2019
    Posts:
    11
    Location:
    Melbourne
    Thanks, Robboat! Great advice, and good to see $500K is in the right ballpark. Will plan for worst case scenarios, asbestos, etc as you mention, while hoping for the best!
     
  4. Trainee

    Trainee Well-Known Member

    Joined:
    24th May, 2017
    Posts:
    7,887
    Location:
    Australia
    What do your finances look like? Deposit, cash, earnings? Renos are harder to get finance for. Buying renovated has different risks but you can get lending based on the final price.
     
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  5. housechopper2

    housechopper2 Well-Known Member

    Joined:
    5th Oct, 2016
    Posts:
    452
    Location:
    Melbourne
    Also investigate houses done to that standard already. You might be better off paying more for one already renovated already.
     
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  6. Ozgirl

    Ozgirl Member

    Joined:
    18th Oct, 2019
    Posts:
    11
    Location:
    Melbourne
    Thanks, Housechopper, Good advice. I did a bit of research this arvo on homes sold in the last couple of years. If something suitable comes up, that may well be the best course of action...very little stock though, but that may pick up in the not to distant future. Thanks!