# Forum Contacts & Links Estimating & Quoting  Owner Builder Yay or Nay!?

## Armers

I don't know if i am in the right section but this one seem to fit the best.  
This is more to the people who have started there renos or just finished, i would like to know, seriously, how hard is it to get an bank to give more money for an owner builder build? 
I've gotten myself 4 quotes to do my extension... a 5.9 x 4.1 mtr weatherboard extension with new roof (whole roof) and some other @@@@... nothing fancy... heaps of site access blah blah... simple work... 
3 Of my quotes recived are from "Builders" all up around the 100k mark... waaay to high for my partner and I.  NOT Inc kitchen... or Painting or floor sanding or carpeting 
1 Of my quotes i recived if from a primary conracter who would work with me as an owner builder and his is only 60k for a few more things then the asked above.  
Now why should i pay 100k for something i can get for 60 then + kitchen and painting and sanding? 
So back to my orginal question, would it be worth doing it myself? or just suck it up Ben and pay a builder? 
ps, spoken to the bank as a passing comment, the chick doesn't see to much of a problem with it... but this was the chick on the counter and not the full time home loaner person. 
Cheers Folks
Ben

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## jago

Speak to you broker or somebody else, things may have changed...I used to be a financier in Melbourne in the mid naughties and NO we would not lend owner builders the cash to build or make major renovations, simply most never got the job  done to a re-sale standard within in budget and in time. Banks want to protect their cash so if neccessary they can foreclose and sell within 90 days, without spending money to address construction issues.  
Now re-financing without giving the mortgage company /bank an insight into what you're doing might be easier depends on your LVR , you could possibly re-finance to consolidate say debts  and use this cash to finance your build with the $60k guy. 
They will lend for a renovation if a licensed builder on a fixed contract and timescale is engaged and the renovation increases the value, because the builder carries the can if things go wrong. 
It's really dependent on your LVR and and any increase  in the price of your house since purchase. 
PM me if you want but I would go to a broker that you dont bank with first and see what they say? :2thumbsup:

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## dib

:What he said:  The easiest way is to get a line of credit. They dont really care what you use it for as long as you have plenty of equity.  If you happen to bank with a smaller bank or credit union you might have more luck also.  Some mobs (not standard lenders) lend money if you pay for their OB systems - use google, If you have to spend a thousand dollars to save 40000 it would seem like good value.

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## Black Cat

Not too sure about line of credit as I am self-financing, but those quotes seem unreasonably high. My 9x4 metre extension, slab-based, weatherboard, including bathroom, kitchen and laundry has cost around $80k including fitout (ok, not high end, but not rubbish either). I am owner building, with electrician rewiring the whole house an adding a new fuse box, plumbing from scratch in really stony soil (no plumbing originally) and re-roofing the existing house within that budget ... 
Depends on how much work you are prepared to do yourself, and how long you are prepared the job to take, as to how much you end up paying for it,  I have discovered. 
It is also an excellent weight-loss programme ...

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## Armers

Ya see i am willing to do all it myself... But work needs to be fitted in there as well. I would just like the money to do it. I only want to borrow 60ish (even though i proabaly will go to 80) I just don't know if i am going to the wrong people, or they just can't be screwed to do the job?  
So i am with you Blackcar, i would love to do it all.. I would be happy to get a contactor to subfloor + frame and replace roof. I would happly do the rest.  
ugh

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## dib

Heres what I would do:
- Get plans drawn up (use a draftsman, architects are good but $$$)
- Get more than one quote for each of the trades ie Carpenter, Plumber (roofing, guttereing, storm water etc), Roofer, Electrician, Plasterer Tiler, Concreter, Trusses and maybe prefabbed frame ( Get the carpenter to give  price for stick built and for using prefabbed)
- Get prices for Windows, Doors, Trimmings and floor coverings
- Decide what you think you want/can do yourself 
Then you should have an Idea of how much you need to borrow, and whether it will be worth it.  It is not easy to borrow money as an owner builder, but if you are competent and able to use a telephone to organise trades and materials it should be worth it.

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## Armers

Dib,  
Done all those bits on that list.. I am happy with what i've chosen and who to go with... I am pretty sure i am happy to piss off the builders and manage the situation myself. Its just the borrowing part i am going to have an issue with... hence the questioning...  
S'pose most of these questions can be answered by me going into a bank and asking for the money.... That will be my next port of call from here.  
I've done as much as i can with the exisiting house, its now time to attack the renos...  
Thank you all for your thoughts its added more @@@@ into the mix known as my brain!  :Biggrin:  
Cheers

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## Black Cat

So when you go to the bank make sure you have your plans, a written estimate of the value you will be adding to the place, the details of tradespeople you will be engaging and a project plan with suggested staged contributions from them, and key landmarks in the process they are likely to agree are evidence of progress. Otherwise - good luck. Banks seem to be feeling generous right now, they recently loaned money to someone I know who I would not lend money to in a fit!

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