If you’re looking for a way to maximise the use of your block of land, building a duplex is a great, cost-effective option. It’s a way to add two dwellings to one block, and you can then sell or rent one or both of the units. This is an excellent way to recoup building costs and also pay off a good chunk of your mortgage.
If you’re considering this investment property option, but you’re also wondering “How long to build a duplex?” then read on for the answer to your question.
It’s essential to do a feasibility study before initiating a building project, as knowing the costs of your project ahead of time will save you time, money, and frustration. Costs involved will include holding costs, possible capital gain tax, land tax, utilities and marketing. You’ll need to get quotes from builders and research marketing costs.
Doing a feasibility study can take anywhere from a few weeks to a few months. The required time will depend on the builders you work with and how quickly you can get the information you need.
Be realistic when crafting your budget. Budgeting might seem tedious, but it’s important to avoid overspending, and you can also avoid halting your project because of unforeseen extra costs.
Once you’ve decided to develop your land with a duplex, you have to get the consent of Council. The time it takes to get consent can vary from council to council, as multiple factors come into play. This includes the level of compliance with council planning laws, whether your neighbours have any qualms about your plans, and how busy Council planners are at the time of your application.
This varies greatly depending on your builder, the weather conditions, and holidays. The length of time it takes to build a duplex becomes even more crucial when you consider holding costs, which is the cost of owning a building site that isn’t yet complete.
What makes the difference in building time? A construction project is a highly collaborative effort, and an experienced builder will be good at scheduling tradies and keeping them on task. They should be able to do a proper job of managing the project and also guarantee their work. There are also unforeseen circumstances that may arise, like wet weather and delays from authorities.
Although time is of the essence, quality matters too. Whether you or someone else will be living in the duplex development, it has to be a residence that someone would be happy to call home for many years to come.
Make sure your builder has a track record for building quality duplexes. Check out their display homes, or ask for names and phone numbers of references of past clients. High quality and your satisfaction with the end product should take precedence over the speed of building and project cost.
Set an agreed-upon timeframe in your contract before signing it, and make provision for liquidated damages should the builder run outside that timeframe. Also, note that the builder will most likely make provisions for rainy days and holidays.
Contact Champion Homes to chat about your needs when you’re ready to bring your own duplex development to life.