VIC Victorian Terrace - how much hidden costs to renovate property?

Saw this beautiful terrace home we liked in an area in Melbourne which is tightly held. We are second time home owners but have never done any renovations and are not sure what kind of hidden costs may be associated with this.

334 Pigdon Street, Carlton North, Vic 3054

Currently there are cracks across the front of the house and through the house and walls, the floor is slumping and there is a musty smell in the home. Unsure if its major structural damage or not! Does anyone have any experience into what kind of costs we will be running into to fix the structure up and live in it. We are thinking it will also have lead and asbestos. The house is built in 1979. Is a budget of $100k too low?

Really appreciate advice on this!

 

Why not get a qualified person to do a building and pest inspection? They could provide a ballpark estimate as well if asked.

 

The cracking, without seeing it, may be major or minor - indicative of a footing failure.

Musty smell - rising damp leading to rotting of bearers if there are no ant cappings or damp course.

 

More likely built in 1879 rather than 1979.

 

Get a restumper to come in and have a look a give a quote.. at that age it will most likely be on concrete stumps.. by the sounds of it, you might have water issue be it drainage or leaking pipe.. which might of lead to some rotten bearers and or joists..

 

The back of tge building is probably 1979.

 

What sort of price are we expecting this to go for?

 

1.31-1.4

 

OTE="Optimus, post: 697604, member: 15051"]Get a restumper to come in and have a look a give a quote.. at that age it will most likely be on concrete stumps.. by the sounds of it, you might have water issue be it drainage or leaking pipe.. which might of lead to some rotten bearers and or joists..[/QUOTE]
Thanks - might do that

 

Terrace properties/buildings are renowned for having very poor sub floor ventilation.
Often the only way to remedy this is some form of mechanical ventilation (incl ducting, or installation of vent points).

 

I’ve bought a few terraces before (5) near you. I found the costlier thing to renovate is you have to pull wires etc through solid double brick walls, often it’s too hard. I’ve never had asbestos problems as most are over 130 years old, pre asbestos era. By the way $100k is low. Fixing a bathroom will cost you $20k easy. Two bathrooms that’s $40k. The kitchen. Wiring, downlights, rendering... adds up pretty quickly. I was spending close to that for slap stick jobs 8-9 years ago terraces.