I'm getting some pretty mixed messages about where to start and what i need to work out before progressing.
Anyone able to give me an idea of first steps and who to include i.e. architect, just builder or both? Also, any great materials or hints for money saving or adding value?
Some context - we're looking to stay here for another ~ 5 yrs. We are looking to make it a three bed from a two bed. We want to extend about three metres. We need more light and some energy efficient materials (we're in Ballarat).
If anyone has any experience, I could also share some sketches I have done for feedback.
An architect can/will be pricey but if you can find one who is familiar with your type of property you should ultimately get a more personalised addition and you own the design. They know a lot about what works with what and can give advice on different materials, costs etc. But be warned, they are known to be ■■■■■.
Or...
If you are looking at a straight forward extension, speak to a local draftsman to knock up some drawings for you. Floor plan, elevations, a section or two but don't expect too much detail. You'll get enough for a builder to price for $300-$500.
Or...
Invite at least 3 builders to a preliminary viewing. Speak to them about their experience with your type of home in your area. Get a feel for them. You should be able to have the builder's draftsman knock up some drawings for you as part of the quote but the builder will own them and there will probably by a charge ($300-$500).
And another thing, the more detail you include at the pricing stage, the less likely you are to be hit with the variation hammer during the build. And nothing hurts like the variation hammer. Take your time and include everything.
This is important when it comes time to sign the contract.
We put in a new kitchen recently, and now we are keen to renovate our ensuite and main bathroom.
We intend to remove walls, add/move plumbing & sewerage, new windows etc so its going to be quite involved.
I'd rather get someone who specialises in bathrooms to project manage the whole thing, that way 1 person is responsible for the whole job and they can't pass the buck, though this is probably the more expensive option.
I'm guessing we might even have to rent an apartment for a week (or send the Mrs and squid on a holiday) while we do this, so it's going to be a huge hassle no doubt about it.
Im happy for any suggestions regarding who we could use, not sure where to start really.
Anything you do yourself will take at least 5 times as long as you think.
We have been doing some renos for getting on 5 months at the moment. If you can only do it on the weekends, it just takes a ridiculous amount of time. You'll save money, but nearly kill yourself from mental and physical exhaustion in the process.
I was thinking of getting a quote to lockup as I can’t do slabs or structural but pretty handy otherwise. Comparing the two quotes would be deciding factor I guess.
Also, as it’s a fair extension, anyone have advice on best financing? Should I extend house loan to cover or save (which will effect mortgage repayments and take forever).
I’d think the capital gains would increase value above what we spend. Does that change things?
If you've shown you're making good inroads they'll generally throw money at you, our bank is trying to convince us to put in a new kitchen. If you borrow another $20k to increase the value $30k then you're ahead, as long as you're sure you can keep paying off the extra $$$ per month.
Probably best way to go.
Actually check your loan conditions. Might be able to chuck your 'savings' in there, cuts down your interest while it's sitting there, then redraw when you need it.
We did almost all of it ourselves, though it doesn't sound as extensive as yours. We weren't putting on a new room, but rather knocking out about 3 walls and putting some more walls in to make a particular room bigger and include a walk in robe.
So included in all that is the demolition (obviously), putting the new structure up, making new cupboards and installing, taking off all skirting boards in the house and replacing with new, patch sand and paint the whole house, new carpet. Also new toilets (and tiling) for some god unknown reason.
I expect there's a 2 by 4 chunk of plaster now permanently imbedded in my lungs from all the dust I must have inhaled.
Agree on the thoughts about financing, though that wasn't an issue for us.
If you've shown you're making good inroads they'll generally throw money at you, our bank is trying to convince us to put in a new kitchen. If you borrow another $20k to increase the value $30k then you're ahead, as long as you're sure you can keep paying off the extra $$$ per month.
Probably best way to go.
Actually check your loan conditions. Might be able to chuck your 'savings' in there, cuts down your interest while it's sitting there, then redraw when you need it.
Thanks HAP.
We generally use the offset to store savings anyway. Probably not much issue with repayments either but would increase a 200k loan to a 250k (if we borrow 50k) so a fair bump up.
If you've shown you're making good inroads they'll generally throw money at you, our bank is trying to convince us to put in a new kitchen. If you borrow another $20k to increase the value $30k then you're ahead, as long as you're sure you can keep paying off the extra $$$ per month.
Probably best way to go.
Actually check your loan conditions. Might be able to chuck your 'savings' in there, cuts down your interest while it's sitting there, then redraw when you need it.
Thanks HAP.
We generally use the offset to store savings anyway. Probably not much issue with repayments either but would increase a 200k loan to a 250k (if we borrow 50k) so a fair bump up.
WOuld people:
a) get the house drawings done
B) check finances
c) check value of house
first or aim for all three as step one?
Finances and value of house should be easy. Bank will run those numbers (based on what they can flog it off for if you default) and tell you yes or no. So I wouldn't worry overly much about it.
If you start thinking about plans, they're not going to go off if you don't act on them for a year or three, they might not honour the original quote though. Might be a good thing to let the dust settle, might see something else you like/dislike in the meantime.
If you've shown you're making good inroads they'll generally throw money at you, our bank is trying to convince us to put in a new kitchen. If you borrow another $20k to increase the value $30k then you're ahead, as long as you're sure you can keep paying off the extra $$$ per month.
Probably best way to go.
Actually check your loan conditions. Might be able to chuck your 'savings' in there, cuts down your interest while it's sitting there, then redraw when you need it.
Thanks HAP.
We generally use the offset to store savings anyway. Probably not much issue with repayments either but would increase a 200k loan to a 250k (if we borrow 50k) so a fair bump up.
WOuld people:
a) get the house drawings done
B) check finances
c) check value of house
first or aim for all three as step one?
Not a good thing to rush big decisions.
But that's how I bought the house and relocated to regional victoria in the first place...?
If you've shown you're making good inroads they'll generally throw money at you, our bank is trying to convince us to put in a new kitchen. If you borrow another $20k to increase the value $30k then you're ahead, as long as you're sure you can keep paying off the extra $$$ per month.
Probably best way to go.
Actually check your loan conditions. Might be able to chuck your 'savings' in there, cuts down your interest while it's sitting there, then redraw when you need it.
Thanks HAP.
We generally use the offset to store savings anyway. Probably not much issue with repayments either but would increase a 200k loan to a 250k (if we borrow 50k) so a fair bump up.
If you have $50k in your offset the minimum payment per week, fortnight, month will not change if you withdraw the full amount. What will change is the amount of interest vs principal you are paying within the amount you were paying. I.e. you may have been paying $500 towards interest and $500 towards principal but after withdrawing the $50k its now $700 interest and $300 principal. So you still pay your $1000 but means the loan will take longer to pay off.
If you don't have that amount in your offset and need to increase your loan from $200k to $250k then yes, the minimum payments will increase.
One of the worse things anyone can do is not have an offset or redraw option as their way to save money when you have a loan. Bank interest at best may be 3% - 4% while loan is 6% - 9%. In essence you are losing money by not having a separate 'savings' account that doesn't offset the loan.
Soulnet, that confused the hell out of me, but then I realised I have an interest only homeloan, and a 100% offset account. So basically my minimum payment is whatever the interest is that month, and that WILL fluctuate if I withdraw 50k.
But you were talking about a fixed/mixed loan with minumum repayments, and in any case the interest rate on your home loan will be better than any other rate you can get...
The basic rule is: "If you can find a better rate than your home loan, borrow as much as you can and use the money to pay off your home loan".