Demolish and Build 2 Homes - where to get my figures from?!

Viewing 6 posts - 1 through 6 (of 6 total)

SirDangerMouse
Participant
@sirdangermouse
Join Date: 2006
Post Count: 7
October 21, 2013 - 4:09 am
Hi,
i settle soon on a perfect 697m2 block in Melbourne's leafy eastern suburbs near railway station, shops etc.
i want to demolish decrepid old weatherboard and pop 2 double-storey, 3-4bedroom/2bathroom homes on site instead.
council is fine for 2 dwellings on this site……
but this is my first 'go' at developing….
so where do i go to get the right figures, due diligence numbers, builder, architect, timeline for project info…??
i see the street being redeveloped and subdivided and see the resale values etc enough to know end prices….but i need advice on whether to go cheap (kit homes) through to better quality homes…..and all the costs that are associated along the 9-12month journey.
i wanna know whether it is worth it to do the development, or to just stick with the old weatherboard cosmetically upgrated….an decide on developments later.
Thanks.
SirDangerMouse
TheFinanceShop
Participant
@thefinanceshop
Join Date: 2012
Post Count: 1,271
October 21, 2013 - 5:35 am
Do you have plans? if so are they DA plans or CC plans? Are you factoring in site costs? if so do you know much excavation, etc is involved? Do you have DA? If so what are the additional conditions of the DA? These will also sway the development costs. Also have you determined the council contribution costs? Have you considered the DA, CC and OC costs?
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SirDangerMouse
Participant
@sirdangermouse
Join Date: 2006
Post Count: 7
October 21, 2013 - 10:34 pm
What is DA, CC, OC?
As you can see, help is required.
I am getting quotes from Porter Davis, Simonds Homes etc for a dual occ development, as a start to me learning about what can/can't be done and to get some indication of prices etc.
goneos
Member
@goneos
Join Date: 2011
Post Count: 20
October 21, 2013 - 11:13 pm
DA = Development Application
CC = Construction Certificate
OC = Occupation Certificate
Check this out. The figures aren't right at all for where you are, but it's not a bad start.
munmun5
Participant
@munmun5
Join Date: 2011
Post Count: 65
October 22, 2013 - 1:43 am
or download the free app qwikfeaso for the numbers side of things
Blue Ridge Homes
Participant
@blue-ridge-homes
Join Date: 2010
Post Count: 32
October 22, 2013 - 10:33 am
Hi Sir Danger Mouse,
My first time logging in for some time (since being active on the forum last we're based back in Vic our home state and had 2nd baby this year). We'd be happy to chat with you about our experiences in developing.
One concern I have off the bat is what / who your end market is (the inner east is not an area where buyers typically want to buy a project house, as you've indicated you are in discussion with those large company style builders, that they'd find out in new developments. You mention the property is in leafy eastern suburbs (so I'm guessing you mean around Camberwell region which is my old stomping ground).
I'd recommend having a chat to a few good real estate agents in the area who could advise you what sells well in the area (if you are intending on holding them yourself). I started out work (too many years ago) in real estate in Balwyn and worked with Mark Rathgeber who I understand is still in the industry as an agent with Noel Jones I'm guessing Mark would be a wealth of information and is a really nice fellow.
Once you have an idea of the size, style, quality of fixtures and fittings etc to go into the dwellings that will then start the ball rolling on costs. Costs to develop vary incredibly.
All the best and I look forward to seeing what you do – as I said feel welcome to touch base.
Kind regards
Meg