HIA Sydney Home Show What will Building and Renovating Really Cost you?

Transcription

1 HIA Sydney Home Show 2012 & What will Building and Renovating Really Cost you?

2 Who is Dobsonei & The Building Coach Mark Dobson is a Builder and Project Manager Dobsonei builds both residential and commercial projects Provides Independent solutions to those building Is a qualified property professional who holds a degree in Land Economics

3 Experience Client Project Manager for 128 Villa Seniors Living Village Project Managed with Lend Lease in London and Sydney - Commercial Projects Architect Designed Residential Construction Over 25 years experience on projects from $50,000 to $50 million.

4 So What will Building and Renovating cost You?? How long is a piece of String? The building process is full of challenges and infinite variables and decisions that all have an impact on cost? So what are these Variables and Decisions? Budget Site Conditions Construction Technique Finishes So where should you start in the web of Decisions?

5 Setting a budget Setting a budget is critical for all decisions. This will determine the extent of possible renovations and the quality of finishes. Design 15% Council 5% Construction 70% Other 5% Contingency 5%

6 Managing Expectations How do you set your budget What does $150,000 buy these days What does $300,000 buy you Rate per square metre anywhere from $ $3000 plus per square metre

7 Budget Example What costs can you expect to pay on a $150,000 project Design Team $8,000 - $20,000 Council $2,000 $4,000 Builder $100,000 - $130,000 Other $5,000 - $10,000 Contingency $5,000 - $10,000

8 So what do you get for the Budget $150,000 New Kitchen Bathroom renovation Minor Finishes $300,000 New Kitchen Bathroom renovation Extension with minor structural works General make over of 2 3 bedroom home

9 So How do you stay within these budget allowances? Setting the Plan or Project Brief Getting at least 3 quotes for every stage of the project Asking lots of questions. (the only silly question is the one that s not asked. Not everyone is an expert in building)

10 Managing the Design Team The critical stage in managing the project cost. Be very clear to determine your budget. Identify the must haves and the compromises. Sign a contract that has the budget clearly identified. Understand all the design costs that will be incurred to get the plans to Construction stage.

11 Finding the Right Builder Negotiated or Tender Both you and the builder need to work closely with the Designer. Needs to be an open trusting relationship from all parties. The builder must still detail their inclusions and budget. You must get at least 3 quotes. Even if you have preferred builder. Compare apples with apples. Speak with previous clients and even inspect the projects. Ensure they are of the right personality type for you.

12 What are the Other Costs and Contingency Other Costs Blinds furnishings accommodation during construction landscaping holiday on completion Contingency Any variations with the project whether it be client changes or unforseen building challenges.

13 Project Example - $20k Budget Before After

14 Project Example - $60k Budget

15 Project Example - $15k Budget

16 Questions & Answers

17 For further Information please contact Mark Dobson on or Visit