I was a little bored on Saturday and as a learning project I decided to do some DD on renovating this property in Mitchelton. The primary goal would be to obtain a PPOR not make a profit. The plan would be to raise and build under. Since the house is right up against the fence line it would be good to move it as well (under 1m move). The house is currently a 2,1,1 (off street car space). After playing around in Room Sketcher I reckon this could become a 5,3,1. You can see a (very rough) possible floor plan of this in the attached files. Top floor is the sleeping area. Not shown on the plan is a gazebo for the car space. It looks like the roof needs to be replaced as well. It is a fairly level block. I think it slopes down around 1m from front to back (I used the contours on the BCC interactive zoning map to determine this). What is a ballpark cost for that amount of work? I'm thinking $300k. I'm assuming it could be staged over a couple of years? Would it make more sense to knock down and build new for that amount of money? Also I don't know if checking these matters but I had a look at the BCC interactive zoning maps and there is no existing or future trunk infrasturcture running through or nearby the property (i.e. water supply, sewerage and stormwater). I assume this can only be a good thing. Thanks
Just wondering why you need 2 patios back and front ? Could make a bigger office by using up patio space and with master bed could take out passage wall and have window/door out to patio area, place wardrobe all the way along wall and move door next to it so it faces patio.
Because I like outdoor spaces! Seriously though the drawings are just a quick mock up. I didn't put much thought into them.
Option 1 - Keep house, raise and build under. Spend $300k + buying costs and you may not get your money back?? An original house that has been extensively renovated (5bed 3bath) in Mitchy may not be worth more than $800-850k in my opinion. Option 2 - Relocate house and build new Spend $20k having the house removed + $350k building a new 5bed 3 bath and it may be worth $950k on that particular street.. just my opinion. So not much profit. if it's a PPOR and you really like the original house and the street it would make sense.. you may need to check with pdonline if it's a character house which may not be knocked down (possibly relocated to another character location?).
With a budget of $800k I'd be looking at an already renovated house closer to the cbd. Gordon Park is a cracking spot.. The new "marrickville"
I agree that you would be pushing to get over $800k for Option 1. This place for sale across the road is a half-decent (4,3,2) comparable. I don't have $800k which is why I asked about doing it in stages over a few years. Also I was interested to know if my estimation of $300k for raising and building under was realistic.
Lol. That house looks really close to the train line. Wouldnt that put a big cap on its potential value? Unless you diy I really dont know why people raise and build under these old houses. It costs as much if not more than a brand new house. Diy I could raise and build under that house for $60k. Pay someone else to do all the work and you would tripple that figure at least. Diy: Plans and council crap $6000 raise $6000 Stumping $8000 Timber joists $2000 Timber bearers $1500 Timber for framing $2000 Cladding $5000 Insulation etc.... $2000? Hardwood Flooring $2000 Gyprocking $4000 Cornice $1000 Doors $1500 Windows $2500 Bathroom $4000 Electrical $5000 Plumbing $5000
We have just had two sets of plans prepared for a house. First set is simple raise and reposition on the block and needed to get the DA through. Very ballpark figures I'm working with to get it finished and rent-ready is $50K to lift and reposition it and new slab. New stairs $15K total for two stairs. Reconnection of services $20K. I'm guessing these figures but have done a little homework without plans to get these ballpark figures.. That would mean it doesn't change internally but is legal height under ready for us (or someone else) to build under. If we do think we will build under, we will try to do internal stairs to save paying for external stairs that will be removed down the track. Second set caters to the bigger job, rearranging living spaces upstairs to take advantage of views that are seen only by bedrooms now. Main bedroom left upstairs, add ensuite and WIR with Internal stairs and three more bedrooms downstairs. This is likely to cost us $300K upwards, depending on level of finish. To be honest, I don't think we will make much if we do the big job and what profit we make will be heavily taxed. The house must be moved so we will likely do the minimum job and leave the bigger job to the next owners who will not pay tax on the profits if it is a PPOR.
