Hi there,
I’m considering building a duplex and was wondering if anyone has had any experience in doing this?
Beside the cost of the land and building, council/development fees and loan fees what else should I be taking into consideration. What sort of prices would I be looking at for demolition (just roughly).
Does anyone know of some companies that specialise in duplex design and building – the only company I can find is Masterton, I would like to compare the costs to some other companies so I have some room to ‘haggle’.
Also, this will be my first purchase, will I be able to claim the first homeowners grant on the land and stamp duty exemption? The land will be under 500K, however the total for land and then to build will be in the vacinity of $650-700K. In this case, will the minimum time spent at the property be from when I buy the land or when the duplex is completed? Oh by the way I will be subdividing and the duplexes will be torrens title.
I hope I have provided enough information, let me know if I have forgotten anything. Any warnings, advice, stories on this subject would be greatly appreciated.
P.S. Can you borrow interest only on land? I intend to build within 12 months then sell to avoid capital gains, however I’m not too sure how this would work, can you do that when you build?
Thanks so much
Kimberley
‘There is only one success – to be able to spend your life in your own way.’
Hey Kim .
Dunno about the financing but why don’t you just draw up a rough idea of what you want and get rough quotes from that.
That will soon find you the best priced builder . Once you’ve found someone good they will often know all the council crap, fees, traps , help you cut through the chase heaps, design tips, savings the lot. .
Atleast a guy l used once did . Unreal l spent mths chasing and ringing , he comes along bang bang , done almost free to boot..
Don’t think duplex /house makes much difference to a builder.
Big set of flats would .
Just finishing of a duplex here on my own place now . Lucky , I had an old dairy so it was more cleaning all that up and adding from there, much easier and cheaper .Cheers
Hi Kim
I’m in a parallel situation. Just bought a property below 500k as a FH and want to subdivide and build a detached dual occupancy. I’m also talking to Masterton, but am considering getting somebody else as well to enable me to compare prices.Homeworld in Kellyville has a number of people willing to do duplexes including Eagle Homes, Ferntree, Westminster etc.
I’ve built a model to calc the costs & profitability, which I’m happy to provide if you’re interested.
We’re moving straight into the shack, but I understand you can move in later if you start construction within a certain period.
All the best with your 1st venture.
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