Post 7# - Build Consent Approved and Renovation Commenced
Character building are now on site and working away converting our boxing gym into a 1 bedroom apartment. They will be doing a post next week about the project from their perspective which you may find of interest explaining what had to be done to the building to convert from a gym to a habitable property. Build Consent came through without any issues and I have inserted a link within this post for you to see how the consent looks. Build Consent - Bobs Cove We are anticipating completion around end of May which will be perfect timing for the ski season. There (as always) have been a couple of extra costs along the way so thought I would update my budget to date:
- Architect Design - $4,400
- Solicitor Fees around Resource Consent - $336.00
- QLDC costs for Resource Consent - Including Independent Consultant - $5,600
- Architect Details plans etc for BC - $10,400
- QLDC building consent costs - $2,200
- Landscaping to create privacy and planting around apt - $5,000
- Total = $ 27,936
When I first set out on this journey I saw a boxing gym with much a better earning potential along with increasing the value of our home and thought for about $60,000 I could whip the building up into a 1 bedroom apartment without much drama. This could then make me around $50,000 per year….no brainer! Little did I realise that the building would need to be completely recladded and the foundation was inhabitable (not insulated). It was not going to be as simple or as cheap as I had imagined. The build contract is $125,000 for 54m2.That brings us to $152,936 then there will be extra costs for fencing and kitting out the property. We are doing the apartment to a very good spec and standard. We want to not only really add value to our home but provide a place where anyone who books our apartment really enjoys their stay in comfort whilst enjoying beautiful Bobs Cove. Removing the building from GST took some mental strength as I could have claimed 15% back on build costs but for the bigger picture it was the right decision as I would have been smashed for GST upon sale of property in the future. I have included a picture of the renovation to date along with an elevated shot so you can see the apartment in relation to our home. You can see it tucked away to the left behind the trees.
Character Building will shed some technical light on the renovation from their perspective to ensure the property becomes habitable and some of the touches they are adding to the apartment to create some personality which is why we contracted them.
To give you an idea of where the apartment is in relation to our home I have taken this photo on a beautiful day in Bobs Cove. The apartment is nestled in the trees in the back to the left of our property, you can just see the roof in this photo.