This is it. Today is the day when I get to see all the plans finally laid out on paper. I’ll let you know how I get on.
When I spoke to my mum who’s a long-time renovator and savvy house planner we agreed the costs will be about 30% over what the bank has lent us to do minor renovations. To build the studio and renovate the front of the house, I think will cost about $120,000. She agrees. We were only extended about $80,000, which has to include architect’s fees. I can probably scrape together some more money but it’s fighting for supremacy with overseas travel plans, one remaining credit card bill (DH loves me but forgets that I have to pay the bill from his gifts to me) and the last remaining school fee mega hit (huzzah, and fees are halved after July).
So near and yet, so far. I guess the alternative would be to do the West Wing first, plus update the house front (giving us our 4 bedrooms and 2 bathrooms), then go to the bank and ask for more to complete the remainder.
This is probably the BEST and most cost-effective solution but it still doesn’t get us the extra studio space. Yet. However, when I did some sums on what we could feasibly borrow if our house was worth $900,000, we would have nearly enough for the whole remaining shebang. It depends, of course, on the builder’s costings. Our guy is not cheap, but he is thorough, and as far as I know provides an accurate cost appraisal. And if we don’t change too many things on the run our costs should remain consistent. Problem is, as soon as you add 10% overruns, 10% GST, architect and contractor’s fees, plus council fees, it cuts everything up. So the initial $80,000 becomes about $55,000. Not a lot of money left for building stuff.
But it MIGHT be enough to fix up the West Wing, do the electrics and plumbing, add 2 new bathrooms and renovate the facade, buy a new stove and fridge, plus change a wall in the main house and add built in bookcases. Ah, compromises. At least we still have walls and a mostly working roof.
(Small Edit: I’ve not put a careful figure on our renovations but I believe it’s in the vicinity of about $3000 per square metre. I think this is too much, and when I put $2000 per square metre against the renovations it all becomes much more reasonable, also given that our house is a simple wooden cottage it’s not too expensive to change it.)