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Thanks guys for your comments. I came across this a post on another forum that I found invaluable for anything considering building a kit home
http://www.somersoft.com/forums/showthread.php?t=58256
richteddy – I'll find out more from my broker about lender's treatment of kithomes
sonya – if the kit home came with hair clippers…that'll be a bargain!
So it was a gorgeous Sunday in Sydney and we decided we’d take the drive up to Emu Plains to check out the display homes of PAAL Kit Homes http://www.paal.com.au/display-centre/display-nsw.asp . It was the only kit home supplier we could find that was open on a Sunday
To cut to the chase, PAAL’s main line of houses are ‘estate’ type homes for acreages but they do have another business that does ‘off the shelf’ smaller designs such as granny flats, small units and 2 – 3 bedrooms homes.
We walked through the 3 display homes they had and we very impressed with the quality of the homes. Really just like any other display home just that the real savings are in the owner-builder putting everything (or atleast most of it) together. Saving you in some instances $100k in building costs. The estate homes are to some extent customisable, I think, whereas the off the shelf designs are not and this is reflected in the much cheaper prices – up to $65k for lock up – which means just the shell of the house.
The designs didnt really quite suit what we are looking for – 3 bedroom, 2 bathroom – contemporary Queenslander types but it gave us an idea of what a quality kit home would end up like. There are a host of other kit home suppliers which we’ll try to visit in the next few weeks as we’ve seen some great designs. Now we’re thinking we wouldnt mind building one for ourselves when we decide to finally buy our own PPR
So it isn’t a bad option if you’re looking to build one yourself because of the time it’ll take. We’ve had lot of practice with putting together Ikea shelves in 10mins flat but I think this is a whole new ball game. Might not be so viable for building for an investment property.
Anyone else had any other experience?Hi guys!
I’m signed up for RESULTS as well and cant wait to get stuck into it! Our poor coach is going to be bombared!
I’m based in Sydney and looking at some opportunities in SEQLD, particularly Ipswich and Toowoomba. Looking at doing some small lot subdivisions, renovs and bigger developments in future. We have some property in Sydney and in Brisbane but all unfortunately negative geared so we’re looking to possibly sell up the ‘under-performers’ and invest in some ‘quick’ cash projects (even if it takes a year but with potentially good lump sum returns it’ll be worth it) to replace my income so I can do this on a full time basis whilst my husband’s happy holding the FT job for serviceability reasons. The goal is really not about merely making wads of cash for the sake of it but to ‘buy time’ to spend time with our families and more philanthropic work.
Darren I noticed you invested in Ipswich and have just done exactly what we’re about to do – well done on taking what many would say is a pretty big step for a first investment. Mind sharing some of your figures? I spoke to a town planner who said subdividing would be approx $60-$80k. We’ve been doing quick feasos working backwards from:
– how much we expect to sell the renovated front house and the subdivided block
Minus
– profit 20%
– subdivision costs
– renov costs
– buying costs (s/duty, legals, loan costs)
– sales costs
= Buy PriceHow much did you manage to sell your battleaxe block for and did it take long? We’re working the figures for a deal now in East Ipswich. Where was your property? Are you planning to hold or sell your the renovated property?
Cheers
