Hi,
I have a property in Springvale (VIC) with an existing house, which i want to demolish and put up 2 townhouses preferably double stories with around 18sq + per house.
My uncle did it on his land and he have advise it cost around $160-170,00 per house, as he did part of the house him-selves.
We have a budget of $380, max 400,000 for this development.
Could anyone tell me if this is doable with the budget we’ve allowed ourselves or would it cost alot more than that in regards to what we wanted?
Any advise would be much appreciated.
Regards
Obviously construction costs will vary from State to State and City to City but when you realise the average project Builder is working on around $750 / Sq M for a box then even if you allowed say $1200 / Sq M for a Townhouse you wont be a million miles away.
Even if they were 3 bedoom and were 100 Sq M then you are probablt taking about $120K each plus externals.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Hi darvii,
A mate of mine has managed to build a 2 storeys house (4 bedrooms and about 22 square in size) for $180,000 a few years back in Yarraville VIC.
$380,000 should be well within budget for 2 x 18 square townhouses however, you will have to build them as an owner builder and be very smart when selecting sub-contractors and internal finishes materials. You will need to spend alot of time monitoring on site and co-ordinating with other contractors.
I might PM you with some cost effective supplier’s details which may come handy for you in the future.
hrub
Regardless of what it will cost you .. overbudget rather than exact to budget.
Misery happens when your cup runneth over. And after doing it on so many development sites, no matter how well you budget you'll have a cost blowout of some sort. Leave yourself some room or you'll end up finding yourself with your back up against the wall financially and selling into a downward spiralling market.
The market for a project build with NO custom changes is about $1100m2. Changes and the demo are extras to be weary of. Call a couple of demo companies for a quote and resist making any changes to the project plans and you will be on a winner.
Modernity Investing
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