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  1. #11
    Join Date
    May 2008
    Posts
    3,581

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    Quote Originally Posted by friendly_prawn View Post
    Real estate sales people tell me that what I intend to do will add aprox 200k value on the house.
    Why not ask these real estate people to document your proposed changes and get them to confirm that after that work they will guarantee to get you a registered valuation $200k higher than now?
    Sales agents tell all sorts of stories in order to win you over.
    The $200k increase may be fictitious. I wouldn't believe it.
    Selling your house and buying something bigger is probably the easiest option.
    You aren't experienced in renovating and will most likely make a few big mistakes.

  2. #12
    Join Date
    Jan 2013
    Location
    wellington
    Posts
    453

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    Quote Originally Posted by Bob Kane View Post
    Why not ask these real estate people to document your proposed changes and get them to confirm that after that work they will guarantee to get you a registered valuation $200k higher than now?
    Sales agents tell all sorts of stories in order to win you over.
    The $200k increase may be fictitious. I wouldn't believe it.
    Selling your house and buying something bigger is probably the easiest option.
    You aren't experienced in renovating and will most likely make a few big mistakes.
    In actual fact the real estate sales people have an interest in me not going ahead with the project so want me to pull out of doing the house up. It's not in their interest for me to go ahead and renovate, so they are unlikely to lie about the value that will be added. If anything they'll try to tone down any added value, not bump it up as that isn't in their interest. So at 200k added value for what Im going to do, if anything, they'll be toning that figure down, not up. It's just not in their interest to try to talk me in to not selling it.

    Also I have done quite a bit of research myself. Im quite happy to come to the conclusion that they are correct in what they say. In fact I think they may, as stated earlier, be playing down added value in the hope I'll list it with them rather than renovate.

    Selling and buying another is not an easy option by any means. There is a huge shortage of listings at the moment, so if we do go down that route, it could possibly be a very long process in ever finding the right house. Who knows when the property market will come right and we have been looking for over a year now.

    So back to the topic at hand, what steps need to be followed to get to a point that we know if we are going to have to abandon the job or go ahead due to whether we are over capitalising or not? Do you know?

  3. #13

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    Quote Originally Posted by friendly_prawn View Post
    So can you explain since you obviously know so much about it, what are the actual steps that should be taken in trying to get a project off the ground? How do you get to a point where you know if the job is going to be viable or not? Is it getting drawings done then submitting them to a builder to get a quote? Is it taking drawings or perhaps a concept plan to a quantity surveyor? What steps would you take to get to a point that you can have a fair idea whether the job is viable so that you can give a building co the go ahead?
    I'm not sure why you keep asking the same question expecting a different answer... multiple people on here have offered you their advice. what they haven't done is told you what you want to hear. I'll try one last time...

    You need to invest some money in your investigation (due diligence) on the project - find a draftsman/architect who has a relationship with a QS and have them design something and cost it up. Seems like you need the steps:
    1 - Turn on your phone/laptop/PC or tablet
    2 - Open the internet browser
    3 - Google 'architect/draftsman in (insert your location)
    4 - Find their contact details
    5 - Email or call asking for a cost to draw up and QS
    6 - Agree to pay
    7 - Wait for the work to be done
    8 - Pay the bill
    9 - Decide if you'll proceed

    If you're not willing to spend anything on it then you'll get nowhere.

  4. #14
    Join Date
    Jan 2013
    Location
    wellington
    Posts
    453

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    Quote Originally Posted by Don't believe the Hype View Post
    I'm not sure why you keep asking the same question expecting a different answer... multiple people on here have offered you their advice. what they haven't done is told you what you want to hear. I'll try one last time...

    You need to invest some money in your investigation (due diligence) on the project - find a draftsman/architect who has a relationship with a QS and have them design something and cost it up. Seems like you need the steps:
    1 - Turn on your phone/laptop/PC or tablet
    2 - Open the internet browser
    3 - Google 'architect/draftsman in (insert your location)
    4 - Find their contact details
    5 - Email or call asking for a cost to draw up and QS
    6 - Agree to pay
    7 - Wait for the work to be done
    8 - Pay the bill
    9 - Decide if you'll proceed

    If you're not willing to spend anything on it then you'll get nowhere.
    I think you are very confused. Perhaps you have confused this thread with another. No one has mentioned going to a surveyor. There has been one suggestion of going to a Q/S. Others have mentioned spending money but not what steps need to be taken. I do appreciate the advice as it sounds like good advice. Shame you made a bit of an ass of your self in the process though..

    None the less I appreciate the advice. Now I know where to if I go forward.. Cheers for the advice. It is appreciated.

  5. #15

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    I'm glad you finally got the level of detail you needed to work it out.

  6. #16
    Join Date
    Apr 2009
    Posts
    979

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    If you are more "hands on" do more of your own DD first rather than putting the DD in someone else's hands. Knowledge is key when talking with the sub contractors and QSs.
    First approach local council with your plans. They can check against original building plans and may say it can't be done or has to be done another way. Have your draftsman revise plans if necessary and repeat visit to council.
    Try posting your job on "builders crack".
    Most likely you will pay 2 or 3 independent builders a consultation fee. Electrician's, painters, carpet layers etc can estimate just from the plans. This will allow you to get to know the sub contractors and get price estimates, no obligations.
    At this point you will be more knowledgeable and will sound out a couple of QSs and assess whether they will add value. They may have their own sub contractor mates to call upon and you can compare with your own notes.
    Be warned Jobs like this can blow out with council compliances, QS fees, but if you keep a hands on approach from the very beginning you can save a bundle.
    Last edited by DaveW; 18-08-2019 at 08:50 PM.

  7. #17
    Join Date
    Aug 2003
    Posts
    7,638

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    Quote Originally Posted by hawkeye View Post
    Well take your first estimate and double it. That’s my experience.
    Yep that's my current experience. You have to expect the unexpected. With our house it was borer - so we had to rebuild. Then the simple replacement of cladding on garage has also turned into a rebuild as rotten frames found.

    So we did the works, architect, engineer, Building Consent, choose builder all with the expectation of spending $400K and we're over $600K and it's not finished.

    So even with the best quote/estimate - it will be more and if you're unluckly 50% more!

    On the bright side, it's exciting and when you can see the light at the end of tunnel, you know you've done the right thing...well this is our experience.

    I've yet to hear of any extensive renovation or build coming in under budget - unless it's a self build or everything's at mates rates.

    cheers,

    Donna

    ..... the cost is cheap as the house is only 128 sqm with a 54 sqm garage and it's north of Wellington.
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  8. #18
    Join Date
    Apr 2009
    Posts
    979

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    Quote Originally Posted by donna View Post
    Yep that's my current experience. You have to expect the unexpected. With our house it was borer - so we had to rebuild. Then the simple replacement of cladding on garage has also turned into a rebuild as rotten frames found.

    So we did the works, architect, engineer, Building Consent, choose builder all with the expectation of spending $400K and we're over $600K and it's not finished.

    So even with the best quote/estimate - it will be more and if you're unluckly 50% more!

    On the bright side, it's exciting and when you can see the light at the end of tunnel, you know you've done the right thing...well this is our experience.

    I've yet to hear of any extensive renovation or build coming in under budget - unless it's a self build or everything's at mates rates.

    cheers,

    Donna

    ..... the cost is cheap as the house is only 128 sqm with a 54 sqm garage and it's north of Wellington.
    Are you being billed on an hourly rate?

  9. #19
    Join Date
    May 2004
    Posts
    2,796

    Default

    The direct and indirect costs of selling and buying are not cheap. Not to mention time, hassle and risks. Something to take into account.

    DaveW had good advice.


 

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