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Hi Racingdork,
The final cost of your reno will depend on the quality of the finish – and whether or not your trade friends will do the job at cost?? I think that your plan is perhaps a little ambitious, but if you do a lot yourselves, then you might get the internals and the garage & driveway within that budget. Just be circumspect about 'using' friends on a reno – it's possible to end up with a nice house and no friends
Suggest that your first step is to cost it out accurately. Ask each of your tradesfriends for quotes – then, assuming you plan to do the rest yourself, head off to Bunnings and cost the items that you will need.
If you plan to live there while renovating, my suggestion is ………..don't – it's much less stressful and much more cost-effective and efficient
Planning and budgetting is the key to getting this right – and also make sure that the house can be re-sold at a value that covers the true cost – which includes the purchase costs (stamp duty and legal fees), holding costs (interest on the loan, rates, insurance) and selling costs as well as the renovation costs. It's the sum of all these costs less the prospective sale price that will give you a true picture of your potential profit. Make sure you check out recent sales in the area for comparable, renovated properties (ie 3 bed 1 bath, not 4 bed 2 bath). Very important not to over-capitalise. Not sure why you would want to put in a 4 car garage?? Isn't 2 enough for a 3 bed house.
There's a product called 'Renovation Toolbox' – I've heard that it's great – particularly in helping with the planning and costing. I haven't used the product myself but have heard good things about it. I think it's available from this site's on-line shop.
…..good luck
