New build where to start

Discussion in 'Development' started by Squirrell, 7th Feb, 2021.

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  1. Squirrell

    Squirrell Well-Known Member

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    26th Sep, 2020
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    Location:
    Australia
    Weve outgrown our clinker in surrey hills/mont albert area (not the posh part) and thinking knock down and rebuild the best option. There is nothing on the matket that suits us, unless we pay exorbitant price. We have a large flat 1000sqm block and so plenty of options. Had a quick look around project builders, blown away by how big houses are these days, even the small houses seemed huge. We really dont want anymore than 4 large beds, 1 with ensuite, study etc, 40sqm max. Our goal is to live in it for 10 years and move out in 10 years when kids will be finished uni. A few questions. Are we undercapitalising by not building out some huge house that makes full use of block size? Is there a rule of thumb for house size v land size. Can we get a bit creative and start with a house at the front with large backyard, and then subdivide at later point? Also, can anyone recommend builders (project or otherwise). Budget is around 550 to 750k including demo. Looked at porter davis and metricon so far. Ta.
     
  2. unicorntears

    unicorntears Well-Known Member

    Joined:
    4th Nov, 2020
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    271
    Location:
    Sydney
    You'll get a basic idea of what you can and can't do here: ePlanning Spatial Viewer

    I have no real advice. I popped into OFIs in my suburb when I was planning a reno, just to scout out ideas.
     
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  3. Hebro

    Hebro Well-Known Member

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    19th Feb, 2020
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    Aus
    I don't know about rule of thumb for house vs land size. But I do think about land value vs house value. If the land is worth 800K, I would be thinking around an 800K house, rule of thumb. Allow say 60K? for demo, 150K? for driveways, fencing and landscaping? Rent cost while you rebuild.
    Think forward 10 years - are you going to sell or keep as an investment? Either way, what it is worth is likely important for your future financial situation.
    Or could you subdivide it and sell one lot? This may be an option if you want to live in smaller home.