Suri007Participant@suri007Join Date: 2012Post Count: 21
After nearly 2 years of toil and effort, finally council has approved 3 x townhouse construction in Croydon North. BUT the quote for turnkey built of these three is 1.2mio.
The townhouses are all quite large homes – 1x3BR and 2x4BR.
I need some help on a couple of things here if you will:
First, I need some help to work out whether it’s worth spending that in Croydon North?
Or should I sell with Plans and Permits?
Or should I sell off the plan?
Or not build at all and just keep the current house which is rented out?
Is there a spreadsheet that will help me easily do a feasibility?
Second, I am looking for a builder who won’t charge me so much so if you know anyone in Melbourne that you can recommend, please let me know.
And finally (and believe me this is a bit of a curly one): The only way I can see this being financially feasible is if I get the cost down by at least 300k. So I have been considering getting my own builders license so that I could do it myself. Told ya it would be curly. But hear me out.
I have enrolled myself at Tafe to do the course but then the VBA advised I needed at least 2 years experience on top of that. Ok.
So, I reckoned I can’t wait 2 years to get experience. And as my mind travelled further down the road of solving this dilemma, I thought, how about if I could get a job with a builder to build my own townhouses (of course the builder makes their money on this), and build other stuff for the builder also, and in the process of working there and building them, and saving myself money, I also get that experience to go towards that builders license. Huh Huh? Genius right? No? Ok. Wait there’s more.
I know there’s probably not too many builders who would partner with me for something like this. But still I have to put it out there in case someone knows someone or something and could set me in the right direction. I promise it’s a win-win situation for the builder and myself.
I should also mention that I am a certified Project and Programme Manager and efficient in managing large complex projects already. Albeit not building projects. But the skill is transferable.
Anyhow that’s it. Thanks so much for reading this :)
Any and all feedback is welcome.
Ethan TimorParticipant@ethantimorJoin Date: 2016Post Count: 282
- This topic was modified 1 year, 3 months ago by Suri007.
If I were you I would visit real estate agents and get from them estimations for vacant lot with plans, off the plan and established. That should help making the decision how to proceed 👍😎
Once you know the above, would love if you’ll share it here.
Hope this helps?
EthanAsokaParticipant@asokaJoin Date: 2008Post Count: 7
I’d also have a nice chat with my mortgage broker, whilst thinking about becoming a builder is awesome – you do need to be conscious about your bank and the fact your job as a project manager is what mitigates their risk hence allowing them to give you the money.JaxonParticipant@jaxonaJoin Date: 2014Post Count: 282
Mate would love to hear the outcome,
I would simply weigh exactly what Ethan stated about the sale price for the land and approved plans, you could also get an agency to sell the plans before you spend anything on the build (much like a new development sale and some pre designed pictures, then sale can include extras they want)
this means no overheads to start, contract pre done, is this something you’ve looked at?
Curious as to how this all played out?