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turn-key vs diy?
Interested in any advice with regard to adding a minor dwelling either by using a turn-key company or project manage yourself - builder, council, architects, surveys, etc.
Have been quoted 160k for a turnkey, and also $2000 sq/m for a builder so would be interested in the other cost involved and what is the best option.
Also, whether it is best to go to a bank or more specialised lending company focused on building finances.
Thanks in advance for any advice.
A third option would be to engage a project manager as well as the builder (that way you can see specifically what they will charge, and what they will do for that money). You could get a quote for that on the site mentioned in my signature below. Hard to tell how much you are in effect paying for the project manager above (as you didn't mention the size of the turnkey option).
Which is the right option for you will also depend partially on what your background skills are, and how much time you have free.
On your finance question, I have found that the banks tend to offer lower rates, provided they are willing to provide finance at all, so I would start with them.
Another option is to buy a portable building that is built offsite, then move it on. I drive past a Huntly site regularly (PLB construction I think) that has 3 bedroom dwellings for around $120,000. I think these are bigger than minor dwellings, so a minor dwelling might be cheaper than that. I'm not sure what the transport costs are, but could be worth a look. Also there will be other costs like plumbing, electrical, site work,driveway etc.
With any price/build, make sure you know what it doesn't include. ie curtains, mailbox, tv aerial, landscaping, carport/garage, driveway, etc etc?
If you are not a builder or project manager, and don't have experience managing a build, I would suggest going for a turn key, as then you know what the final cost will be. Just make sure it includes everything and that there are no PC sums.
Depends on where you are building, but I think $160k sounds a little on the high side, and maybe you can get some other quotes.
Ross Barnett, Coombe Smith Property Accountants - Hamilton
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