Hi everyone – I was wondering how much a major renovation on a house in Melbourne would cost?
As far as I know, legally, major renovation in Victoria requires use of a registered builder, so I’m thinking that I might as well go for a cosmetic+structural reno (adding/removing internal walls, maybe extending out/up). How much would a full overhaul (new floors, new kitchen+2baths, maybe moving the wet areas if needed; plus paint, render, etc, and all the structural extension work) cost in ball-park numbers?
I realize that extending up would be a major cost, but it’s one I’m considering. The property would be a ppor, with potential to sell a few years’ down the line. I’m looking at areas with high land value (1mn+), so I’m thinking that ~200k reno costs might be worth it. On the other hand, past 500k it seems better to just knock-down-rebuild…
And in this vein, does anyone know of any builders they’d recommend?
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This topic was modified 8 years, 6 months ago by
Melbournian.
Thats a big reno! Choose the right area where land costs are escalating and location is attractive to make it worthwhile- otherwise rethink. less reno cost and more cash into a dual occ behind which adds value and gives an additional income down the track- more equity to buy another property with similar attributes -the options are great. Enjoy. Melbourne- a Great Place to Invest in.
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This topic was modified 8 years, 6 months ago by
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