I have recently converted my 60m2 basement into a 2 bedroom flat. Basically split a house into Unit A and B legally. I am an amateur property investor in late 20s.
Here are the actual costs if anyone is interested since I couldn't find much when I was looking around.
Architect/Planner $7000
Building Consent $2975
Resource Consent $3345 (Although I still believe I don’t need it)
Fire Engineer $975
Development Contribution $4418
Waterproofing the Basement/Drainage $9000
Builder/Plaster $40,000
Sparky $5000
Plumber $6000
Bathroom Fittings $3000
Painting $3000
Rangehood/Oven $2000
Kitchen $6000
Landscaping $9000
Total Cost $110,000 Rent Received: $290
Pros : Made my rental a returning 8% (after expenses)
Cons : Took me 3 months to get the building consent and resource consent. I seem to know better than them. Lots of errors/ignorance by council on their part.
Cost is incredible comparing to you start with a basement with good walls and good concrete floor.
Lower rent from existing unit.
Any idea how can I do cheaper next time?
Here are the actual costs if anyone is interested since I couldn't find much when I was looking around.
Architect/Planner $7000
Building Consent $2975
Resource Consent $3345 (Although I still believe I don’t need it)
Fire Engineer $975
Development Contribution $4418
Waterproofing the Basement/Drainage $9000
Builder/Plaster $40,000
Sparky $5000
Plumber $6000
Bathroom Fittings $3000
Painting $3000
Rangehood/Oven $2000
Kitchen $6000
Landscaping $9000
Total Cost $110,000 Rent Received: $290
Pros : Made my rental a returning 8% (after expenses)
Cons : Took me 3 months to get the building consent and resource consent. I seem to know better than them. Lots of errors/ignorance by council on their part.
Cost is incredible comparing to you start with a basement with good walls and good concrete floor.
Lower rent from existing unit.
Any idea how can I do cheaper next time?
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