Forums / Property Investing / Value Adding / Melbourne Structural Renovation Costs

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  • Profile photo of MelbournianMelbournian
    Participant
    @ash107
    Join Date: 2015
    Post Count: 10

    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?

    • This topic was modified 3 years, 10 months ago by Profile photo of Melbournian Melbournian.
    Profile photo of #Planning Permit#Planning Permit
    Participant
    @planning
    Join Date: 2014
    Post Count: 64

    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.

    #Planning Permit | AuArchitecture
    http://www.auarchitecture.com.au/
    Email Me | Phone Me

    Property Subdivision expert with 250 planning permits approved by Melbourne Councils

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