Hi, anyone know the cost of building a house or unit?
I have people telling me that building a house is about AuD950/sq and for apartment is about AuD2400/sq. Is that a right estimated?Cheers
Adding to what I have posted, we have problem with choices. i.e. Apartment, landed house and Shop. Each of this type has its Pros & Cons.
Would like to start a discussion here on the type of property should a newbie to kick start his/her PI plan?
It will depend on where you are building it (costs are different in different states and metro vs rural) as well as the type of materials you use. Double brick is obviously more expensive than weatherboard.
Most insurance companies have calculators to work out rough replacement cost of a building – this may be of some help. http://www.gio.com.au/gio/home_insurance/building_calculator.html
There is a development section on this forum for this type of stuff. There are some geniuses over there that seem more than happy to help newbies. I personally find developing to be too difficult for my own purposes.
The Mortgage Adviser
http://www.themortgageadviser.com.au
[email protected]
Essential LinksThere is a thread I started on this sort of thing in the developing made easy forum.
But I am settling on a new house:
Land: $87,500 (810sq metre)
House complete ready for tenent: $183,500
Total: $271,000
House size: 214 sq metre = $855/sq metre (approx)That’s a pretty good price. Nowadays developers are quoting about $1000/sq meter and above.
You haven’t heard the least of the deal
I think I got in at the beginning of the end for project builders. That is after the initial rate hikes Devine (who I’m going through) brought out a stack of offers to keep marketshare. They’ve just done their financial year take and realise they can’t keep pouring money into home development so have shifted their focus.In the $183k I get:
1st year insurance
1st year back to base security (plus the house is wired for it)
$2000 worth of landscaping
stainless steel: dishwasher, gas stove, range hood.
Wood laminate flooring to the hall and meals.
Additional insulation.
Ducted heating
Coloured driveway cement.
Chrome finish door handles
Carpet
TV antenna, clothes line, letter box, light fittings, fly screens.
Lease guarentee: If in two weeks after hand over they don’t get a tenent (at a reasonable price) they will pay rent until they do.
20 week construction guarentee: if the house isn’t built and handed over in 20 weeks they pay $300/week penalty.The block of land comes with an additional $1600 landscaping + fencing + front yard watering system.
On top of all taht I got $6000 cash back (put it back into the loan for essentially $6k of the price).
So far it’s all been roses.
I thought building on a subdivided 1/4 acre would be a costly exercise but after a brief look at the first quote for a 17 SQ house I am definitely inclined to put the backyard up for sale, rather than pouring $250K or who knows how much more into the project and come out with a house worth $300-320K.
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