- aphraellParticipant@aphraellJoin Date: 2008Post Count: 1
We are planning a major renovation to a 2 bedroom/1 bathroom cottage (to turn into a 3 bedroom/1 bathroom + studio with bathroom.
We are considering doing this as an owner-builder but wanted to know what impact this might have to the end sales price. Any one had experience with this ? Does owner-builder renovations turn prospective buyers off ?
ThanksletParticipant@letJoin Date: 2007Post Count: 10
We have gone owner builder in vic, adding an extension aswell as reno the existing part of the house.
It was a challenge going through all the paperwork and regulations for the extension as it was our first. We would do it all again in a heartbeat. Using a private building inspector was a great start (instead of the council version), it cost a couple of hunrded more but so worth it. A private inspector will provide a wealth of info and works longer hours and even weekends, this had its advantages.
As for profit…well worth it…pp. 98K costs 55K sale 265K. It did take us about six months but not bad $$$ i reckon.
Our local council provided the basic info pack to get us started, so give yours a ring and see what they have.
We have never had a problem with any permitted reno under 12k either (we have done several know), everything you do has to meet australian standards, this is where the inspector comes in. Sales have never been a problem either, our longest taking three months. I would recomend paying attention to the finishing of the product, if you do the house will sell itself. I did laugh at the size of our sale contract when the extension was included as all permits, planes, insurances, builders board permission and so on need to be included.
I hope this helps and good luck with your projectScott No MatesParticipant@scott-no-matesJoin Date: 2005Post Count: 3,856
Other than the OB vendor having to take out warranty insurance for the balance of the warranty period, if the work has been done properly, then there should be no price difference at the end of the day. If, on the other hand, workmanship is poor this will reflect in the time on market and the eventual contract price.