[cap]Land size about 700. Flat for 30m then gradual slope up about 1.5m for another 10m then level to the back yard the remaining 10m. If I am interested to build to lock up only and complete the rest myself what do you think will it cost? I don’t need super high quality stuff, just the cheapest and quickest way to build. Standard 4b 2b 2g each.[biggrin]. I would like to live in one of them!!
2. Property probably valued at 550K which I owe 30K. Should I borrow to build and can 200K do the trick to lock up status.
3. I am in NSW so no more strata title. So have to sell both prop under 1 title. Anyone know of a way around this such that I can off load one and keep the other? Also do you put 2 water meter, electricity meter…etc?
4. Alternative would be to rent one out for say 400 p/w…still give me a COCR of about 9%…is this worth the while?
5. Is it easy to get loan to do this task as there is only one income in family? If I do not do anything I am just sitting on something. How much higher do you think it will be valued at after completion…anyone with this experience and know of good builders, I would be very keen to discuss!!
hello…any experience with duplex building there??
Here are some questions I have from your information and questions. Don’t feel obligated to answer them in a response to mine, I just wanted to bring to your attention a few other things to consider.
1. Costs can vary. Better builders may charge more but you will get a better product. Cheaper homes from “Package Home Building Compaines” can cost much cheaper, but may take 2 or 3 times longer to build and the quality materials and labour may not be high. So you get what you pay for.
2. Get some plans of your construction and then get some quotes on the cost of construction from at least 3 builders.
3. Why do you say no more strata in NSW? Where in NSW are you located? Is this a state-wide ban you are aware of or is it your local government ban? Where are you getting your information from?
4. Is 9% a good return FOR YOU? What are your aims with this site in terms of profits. You need to know what you want from this to determine if 9% is good for you or not. Many people would jump at 9% while others wouldn’t be interested.
5. Finance – talk to a mortgage broker. I have noticed a few in these forums so perhaps give them a call and have a chat. Valuation can depend on a number of factors, such as the building type, location, near to shops/schools, etc, etc. Perhaps chat to some real estate agents in your area to determine what likely sale price or possible rent you could get. Valuation can be worked out from that.
6. There are plenty of good builders around. Grab your local yellow pages, make a few phone calls and get the builder’s references. Talk to their past clients and see what they say about your prospective builders.
Hope this helps!
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All this will be specific to where it is that your land is being built.
A duplex is only a good idea if you are building it in an area where duplexs are considered acceptable housing – otherwise you may find it would be more financially beneficial to build free standing homes (which means you could actually subdivide and build one at a time – might be easier on getting lending), a row of townhouses (innercity type development), or a small block of units. Then again, you might be in an area where every house has a huge backyard, and that’s the way the tenant likes it – they might turn up their nose at a split block.
Building costs will vary depending on where you’re building and what material you use. For example, brick is generally more expensive than timber but if you are near to a brick manufactorer and far from timber supplies then the transportation costs may even things out.
It also depends on whether you’re doing a cheap house or a trendy house. The style in which the house/s are will affect both capital value and rental return. What might be cheaper upfront may be more of a liability in the long term.
Builders charge incredibly varied amounts depending on where you live. In Sydney it can be hard to get a new bathroom for less than $30,000 – while in some areas you can get a whole house for $60,000. It’s a supply and demand issue, and it is incredibly difficult to get a good tradesperson in Sydney without paying a high premium – in other areas a builder might be glad to be working at all.
Best thing is to study the area, and get some quotes based on what else is around.
Buzzell, Luci,
Thanks for your response. I live in the Ryde area and this duplex with strata titling have been banned since 1998. Is that not the case in all NSW? I checked with the council and they say I can only build the duplex under one title. That means when I sell I have to sell the whole lot which limits my clients options. Not many can afford 2 houses in reality. Alternatively, any idea on how to get around this problem where I can sell both under 2 title?? Who have built duplex in NSW-ryde area after 2000 and still managed to strata title each?
Hi poochi
I will see what I can find out but I would talk to a external planner I have different ones for different areas of sydney.
The council can give you a list they deal with.
duplex is the norm in Sydney.
one of my drawers just sold 4.
I would be looking at the costing very carefully to construct.
Get a price from a champion homes or alike and that will give you a clue of cost for your site.
Have a look at the post for the meeting on the 11 sept at gladsville.here to help
Duplexs are great –and you can retain the AIRspace above for the future –if you develop it cleaverly.
Gayle & Michael REYNOLDS
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