Hi Guys.. I have been toying with the idea of building a duplex although being a newbie to development it can be quite daunting looking at other peoples stories… I am looking at a block of land which could possibly be bought for around 360k and was hoping to build the duplex for 400k (3bed ensuite). My partner and I currently have around 40k in cash and the builders grant of 15k. We have to pay stamp duty as we own investments that we havent lived in…. I have been reading about banks lending up to 95% for duplexe builds although it seems that the council costs may rule me out due to our small deposit….Is it possible to get a builder to put all the council costs and plans in his contract which the banks will lend for?….I am thinking it would only be possible to do the duplex if I could get all the costs covered by the bank loan…Would anyone als have any information about possible costs to build a duplex on the central coast nsw aswell? any help would be much appreciated thanks again
Double story for $400k? I do have a contact for the CC but I am yet to see a developer make money on the CC. Also you do not have enough deposit to do what you want to do.
Regards
Shahin
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You would want to make sure your pockets run a lot deeper than $40k for a development, especially considering it will be your first. If you have equity elsewhere and can access it, well, then it's a different story.
Oscar
Hi Guys…Thanks for the replies….Maybe I should rephrase my question………How much cash do you need to do a duplex development?……..How much does the DA cost? …..How much does the build cost?………I am wanting to move to the central coast everntually so I am not overly concerned about flipping this for cash or anything…..I am confused why duplex builds seem to cost so much….My friend has just signed a contract for a 4 bed home turn key with driveway for around 220k……..I would assume to mirror this for a duplex your costs should be max 440k….Is this not correct?……
There were guys doing 3 bed 2 bath on 1 side and 2 bed 2 bath on otherside for $299K turnkey in Brisbane. 130sqm on one and 70sqm on other. Also did the same with 3 bed on ground and 2 bed above garage, same money. Mostly bayside Brisbane.
Lends were done as straight house and land package as smaller side was portrayed as a secondary dwelling.
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THanks for that Darryl…I have been trawling the net trying to find similar stuff in sydney like that but it doesnt seem like alot of project builders advertise that as much
Depending on the rest of the deal 95% lvr + maybe possible but going to depend on a couple of points.
If you are referring to a lowset duplex i think 400K is rich.
That's 200K per side and assuming they are 100 Square M each that's $2K / Sq M …… wow.
There are a few firms that build duplexes as part of their standard construction range.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Look it depends on a number of things so its impossible to give you a certain figure. Things like drainage, Stormwater, excavation (soil, rock, etc), RL's etc can all make a big difference.
Ballpark construction costs for turnkey would be $550k-$600k 4 bedroom double story duplex.
Regards
Shahin
TheFinanceShop | Elite Property Finance
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