Recently bought a 40 year old 3 bed, 2 bath 2 garage house in Baulkham Hills on a 900sqm sloping land for around $1.1 million. There is a 10x5m in-ground pebblecrete swimming pool as well. This is for my own living now with a view to selling in about 10-15 years. The house is in its original condition and requires a lot of work. Need to renovate kitchen, bathrooms, floors, replace all doors, paint, roof restoration, external wall rendering, pool resurfacing/fencing, driveway, balconies. It will be nice to add a deck and pergola in the back. Adding an additional bed and rumpus will make the house more liveable.
I am guessing the renovations alone will set me back by $100k and extension of pergola, bed and rumpus will perhaps cost another $100k-$150k. If I knockdown and rebuild, site costs/council approvals/designs alone will perhaps be $150k given that there is around 2m front-to-back slope and around 1m sideways slope. The house is now slit-level with the garages being on ground level. After these costs, building a two storey project home of 40 squares will cost around, I guess, $500K.
Should I renovate or rebuild? Or, do something else that I haven't thought of? All ideas will be graciously received.
it's a bit odd to ask these questions after a big purchase and not before. one can actually purchase a nice modern four bedroom in those suburbs for ~$1.5m.
2153 was one of >30 postcodes in sydney that nab said was at risk of mortgage default last year.