Hi All,
I have just submitted plans to council to subdivide and build a 2 storey 3 bedroom (2 bed on plans with designated space for 3rd bedroom – due to certain council requirements), 2 bathrooms, slug in the backyard of a property in Frankston.
Area available for development: 126sqm
Ground floor including garage: 78 sqm
First floor: 31 sqm
Total floor area: 109sqm
Total SPOS: 40 sqmI am 21 and not earning the most money in the world. I really would like to get a few opinions on the costs involved to construct such a dwelling of a medium finish – not cheap but not luxurious/award winning. Price estimation would also need to include extending current driveway and basic landscaping etc.
I know this is a vague description but I would love to know a figure if possible.
Thankyou anyone who can help me out.
Sash
Want it. Own it. Enjoy it. Achieve it.
Hi Sash,
I am no expert, but have recently completed building our residential home!
I personally, would suggest having a browse through your local weekend Real Estate Newspaper and seeing building plans that you are interested in and going to have a look at some display centres.
I would also suggest looking into some open inspections to get an eye on what you do and dont like for your venture.
Research approx. costs and add 10% – Its better to over compensate that not enough and there are always small costs added here and there and in the scheme of things $100 here and there isnt much, but when 10 to 20 of them jump at you at once it changes your budget quickly!
All the best!
There's no simple answer, but I'll let you know what I know!
- There are different types of building: for the sake of simplification will call these project building and custom building.
- Project building is "mass produced" housing, and is the most cost effective form of traditional building, and plays a very important role in the housing industry. Volume builders control costs by certainty, that is to say all of the labour and materials are known, and they can then negotiate great supply deals in volume.
- Custom building is when a builder builds according to plans provided and doesn't enjoy the supply benefits of a volume builder. There is far more administration involved as well.
In terms of costs, volume builders can build from around $1,000/m2 (some more, some less) and custom building is far more elastic in its pricing, however, the HIA suggests an amount of $1,500/m2 is the average for a "medium level of finish" for a standard type of dwelling.
Because of the town planning constraints involved it is uncommon that a volume builder can supply on "off the shelf" solution for a unit development, therefore these usually fall into the custom building category.
One way to combat price escalation in a custom build project is by designing an outcome that is attractive but uncomplicated. Engaging with the builder early in the process can also help in ensuring the design is builder friendly.
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