Nice Dave,
I'm yet to have the courage to do this. Maybe a year or two.
Well done, they look good.
JodieJL wrote:Nice Dave,
I'm yet to have the courage to do this. Maybe a year or two.
Well done, they look good.
JodieThanks, the brickwork is almost done, I'll do some more pics this weekend.
DAve
Hello Dave
Just wondered if you have used special glass for the windows between the houses.
Nice brickwork.
Elkadavemc wrote:Day 110 and the brickies are finished, they did a really good job.
Jan 7th the gyprock comes in and work recommences. Hope everyone has a good christmas.
Dave
elkam wrote:Hello Dave
Just wondered if you have used special glass for the windows between the houses.
Nice brickwork.
ElkaNo special glass, it's tinted, if we had a fence up that would block out the other house, we have no plans for a central fence yet.
dave
Hi Dave great photos really enjoyed this.
I started our first development nine months ago. Building is due to commence in feb 08. I noticed a few questions coming in with regards to costs etc. And I am learning quickly how to reduce costs next time around. Our costs have changed as the project has unfolded not unexpected. I thought I would provide an very rough overview, with anyone who is interested, in what areas costs have changed.
I was in the market for a demoilsh and rebuild development like yours but I came across another deal, the figures worked so we went with it. 1938sqm res 1 country victoria 218k. 1505 sqms to develop plus retaining the front house 200k current value.
So four units to build we decided early on x3 2/2 and x1 3/2. Initally quoted about 110k for the 2/2 and 130k for the 3/2.How things have changed.
To fit four units on the site we redsigned them to be long and narrow.
final build costs
x3 2/2 units 155k each
x1 3/2 185k each
plus minor variations to 642k.Included in these prices
271 meters of 1.8 colour bond fence. x4 gates.
extra exhaust fans
solar tubes
x4 water tanks feeding toliets
23k in paving drives and crt yards.
2×3 storage sheds x4
clothes linesx4
antennas x4
planter boxes x4
bricked letter boxes x4then on top of this.
This property had an open drain which we had intended to fence off, the neighbour objected and we have to finsh the drain 10k.
Re establish sewer line and junction 10k.
Surveyor 5.5k
engineer 5k
designer 3k
land 7k per site ( well under market value). Which is very lucky for us.There are other smaller extras like trees, removing old and replanting new, but nothing more then afew thousand dollars.
So now the project has blown out to cost roughly, and my figures are not 100% finalised as we will get some back from council for water level refunds etc, is around 690k. Which is about 90k over my initial budget.
However,
costs 690k
Valued at 870k (conservatively).
Gives me a margin of about 180k or 60k on each dwelling.There is a allot more back ground info of course. And I'm sure others will crunch these numbers much more accurately. Yet, this is where I am at with my knowledge and experience. The knowledge I have gained has been tremendous I'm learning as I go and like I said earlier my next deal will be very different, perhaps smaller and like yours.
So, I trust someone somewhere will get something from my example, as I have from yours Dave.
Thanks again
Terry
Thanks Terry,
amazing how all the 'little' things add up.
We are up to Day 112 and all the gyprock and insullation and cabling is in so things are moving along, some more pics at the weekend.
DAve
Thanks for sharing your experiences guys! Did you attend any seminars or purchase anything to prepare you for your development?
What is the first thing you need to do after you've purchased your site? – ( I have a duplex and triplex site already) Speak to council town planner, hire your own town planner, hire a good surveyor or something different?
Thanks, LindaHi Linda'
Not to completely HI-JACK Daves site, I read the usual list of books, and purchased reno tool box and Martin Ayles development pack. From this I began to undertand numbers and due diligence? So, after i bought it, I found a designer, who introduced me to an engineer and a surveyor, i researched for sale values, again, and then worked backwards and spoke to agents about my concept plans. ……….. Looking back I got the design 3/4 finished and then starting getting building quotes, risks fluctuated at this point in my experince. 6 quotes came back over a three month wait. 4 were well over, 1 was well under, and 1 was competitive and very easy to work with to reduce my costs without killing the design. So, I found a builder finally, but it was only at that point that the figures really shaped up. Next time now that I have a builder to consult much earlier the production process my goals with regards build costs and what is the right "product" for the area will not be such a guesstimate.
It seems that Dave, maybe I'm wrong here, went with a builder from day 1, this sheds some light on my costs blow outs. But they are different deals, and my inclusions attempted to do something for the environment, my values cost money it seems.
Good luck
Looking forward to the photos Dave.
Terry
Hi Dave
This is great stuff forgive me for asking but in W A we dont have torrens titles what is it ?Steve
bindin46 wrote:Hi Dave
This is great stuff forgive me for asking but in W A we dont have torrens titles what is it ?Steve
I thought it was more prevelant these days, but quoting from Wkipedia:
Torrens title is a system of land title where a register of land holdings maintained by the state guarantees indefeasible title to those included in the register. The system was formulated to combat the problems of uncertainty, complexity and cost associated with old system title, which depends on proof of an unbroken chain of title back to a good root of title.
The old British titles had a lot to do with the crown and such I guess.
DAve
Larsont wrote:Hi Linda'
snip
It seems that Dave, maybe I'm wrong here, went with a builder from day 1, this sheds some light on my costs blow outs. But they are different deals, and my inclusions attempted to do something for the environment, my values cost money it seems.Good luck
Looking forward to the photos Dave.
Terry
I went with a project builder, didnt want the hassles of contractors who dont have the incentive of a large company employing them regularly. Essentially I bought retail, but in 10 years time the differences wont be there.
but I am very pleased with the brickwork, the 2 guys who did it all were pretty good…
Dave
millions wrote:Thanks for sharing your experiences guys! Did you attend any seminars or purchase anything to prepare you for your development?
What is the first thing you need to do after you've purchased your site? – ( I have a duplex and triplex site already) Speak to council town planner, hire your own town planner, hire a good surveyor or something different?
Thanks, LindaI went to the builder and they did almost everything, although I did get a surveyor and talked to the council and did lots of their paperwork.. My financal advisor did all the money, you really have to have a good team and stick with them once you found them.
The doors are on so more pictures this weekend for sure.
Dave
Thanks for reply Dave. Looking forward to seeing more pic's.
Day 156 the doors are all on and it gets locked up, photo's thru the windows I guess.
see latest at
http://www.flickr.com/photos/davemc/
Dave
Happy greetings Dave
we are new to this and have enjoyed and learnt from your postings. As my partner and I are beginning a similar development I was wondering what the difference is between building a project home and organising a builder, plans etc myself.
JanMaaJa wrote:Happy greetings Dave
we are new to this and have enjoyed and learnt from your postings. As my partner and I are beginning a similar development I was wondering what the difference is between building a project home and organising a builder, plans etc myself.
JanHi,
The project home people do almost everything, I dont go the self-builder route, I dont have the time, but it may be cheaper to do it that way. My view is, in 10 years time would your investment be better off one way or the other?
Dave
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