Our PPOR is a small 2 bed 1 bath freestanding house in inner east Sydney. We picked it up for a good price and intend on renovating in the next 3-4 years so are starting to plan and budget accordingly.
We will more thank likely stay here for a very long time, however as life tends to take unexpected turns we want to make sure that it appeals to the market as well as functions how we want it to.
I have never renovated extensively before so all of this is new to me.
The council regs allow us to build up to 75% of land area as internal floor space. The neighbouring property was renovated around 10 years ago to a 4 bed, 2 bath by adding a second storey. We intend to do similar but with a slightly different layout.
The first thing I am working on is setting a realistic but affordable budget. I have spoken to some real estate agents and an architect and starting to get somewhere. I have been advised that the construction costs will be around $2,000 - $2,500 per square metre. Does anyone have recent experience with builders to advise on this?
Any other advise from seasoned renovators much appreciated.
