Duplex builders in Bayside, Melbourne

You can increase your home EQUITY greatly by developing your block of land into 2 or more lots (STCA).

How much does it cost to develop or build a duplex in Bayside?

A duplex is two separate dwellings with a dividing wall on one block of land, is one of the easiest ways to add instant equity. But how much does it cost, and can you do it without breaking the bank?
Duplexes are a popular investment option because they are high-yielding, high-growth investments that require a higher upfront financial commitment than if you were building a single freestanding home. However, it is usually cheaper and make more sense to build a duplex than it is to build two separate freestanding homes because both dwellings are on the same block of land. Duplexes have the potential for significant profits which is very lucrative for investors, but there are hidden costs so determining whether a duplex is a good investment requires some number crunching.
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OUR DUPLEX SERVICES IN THE CITY OF BAYSIDE

factors impacting the cost of building a duplex in Bayside

The condition of the Land
One of the first steps when planning a duplex construction is undertaking the required surveys and reports that will determine the condition of the block of land. The results found from these surveys/reports will then help to determine the costs associated with factors relating to the siting of the home on the block of land, such as rock removal, retaining walls, slab upgrade, etc.
The location of the land
Location will also impact the building cost. Demand for land in the area will impact the value of the land and the price to build a duplex. If you are building in an area where there is strong demand and a scarce supply of vacant blocks of land, the costs will be higher. If you already own the land where you want to build the duplex, it’s quite an advantage. The size and orientation of the block of land, the width of the block, local council zoning, and planning permit conditions will also impact these costs.
The consultants and builder used in the development process
The types of consultants and architects and their skill levels can also impact the cost of the build. Architects can take care of the outlining of the dimensions of the duplex, assist with the budget, design layouts and floorplans, get the required permits, and more. The builder hires the required workers and subcontractors, brainstorm ideas and make inputs to the developer, assist in acquiring the building permits, and ensure materials and services are available.
The materials used
The type and quantity of materials used can have a significant impact on the cost of building a duplex. The quantity of materials is determined by the dimensions of the project. In addition, the availability of materials can also have an impact on the cost. The residential construction industry is currently impacted by an Australia-wide shortage of building materials and skilled trades, which is blowing out construction costs.
The demolition
If you are knocking down an existing dwelling to rebuild a duplex, you will also have to fork out for demolition costs. Demolition costs can range between $15,000 and $30,000. Depending on the quality of the existing dwelling, you may be able to recycle some of the materials.
The borrowing cost
If you have enough equity in your existing home, you can borrow against it to fund the development process and construction. Depending on the type and size of your duplex project, the cost to fund your Initially town planning permit can be between $20,000 and $100,000. And again, depending on the size and quality of your project, construction can cost between $1.3m to $3m.
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Some of our Dual Occupancy & Multi-Unit Developments

If you own an investment property or home and is thinking about building a dual occupancy or duplex, please contact us for a free site assessment and discuss how we can help create your wealth.

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