Extension finished to Lockup - Could we do it?

Hello fellas (and ladies),
Extremely green and very nervous about treading the extension path. We have a 12 square brick veneer ex-commission house. It is a very basic 3 bedroom house with a semblance of an entrance hall, lounge, kitchen one bathroom and small laundry. We have begun the process of design with a company for the addition of Master Bedroom, Robes, Ensuite, new kitchen, family room and possibly extra study. It sounds like a lot of space, but it was origianlly thought to be just over 5 house squares.
I have just got off the phone with company guy and been advised that there is no way that the extra study is possible for just on $100K (our budget) and that due to the expanse of roof width wise (absorbing a lot of our budget) that we would end up with just on 4 squares of extra living........
WE ARE DESPERATE FOR MORE SPACE. We cannot afford to re-buy in this area and want to stay where we are.
My questions are these, and please, feel free to wade in with info/advice etc.
1. Has anyone out there built to lockup and finished it themselves, and in your opinion, was it cost effective and worth it?
2. Has anyone, used an independent builder for this size project? I am wary of this as I know of two families who just about went under with a bankrupt/dodgy builder.
3. Does this price seem fair for what is being offered? I thought so, but now have the feeling that they may have been "blue skying" us to maybe get the job.
Any advice or guidance would be appreciated.
4. Has anyone completed a single storey extension of this approximate size in the inner north east suburbs of Melbourne, and could they give an approximate idea/rough guide to costs please?
Thank you everyone.
Extendogirl


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