Hi All,
My wife and I are interested in buying a property in Perth with the view to sub-divide. We like the idea of purchasing one that has rear lane access, or put in a driveway down the side of existing property, so the rear block can be sold with plans drawn up and approved by council. Then renovate the existing house and sell on as well.
The areas we are thinking about are Doubleview, Innaloo or Westinster. We have made some rough estimations on the costs involved.
$15,000 – $20,000 to sub-divide.
$10,000 – $15,000 stamp duty etc.
$10,000 – $15,000 to renovate existing property.
$8,000 – $12,000 interest payments on loan over 6 months.Does anyone have any advice or tips on doing this type of project or whether they think it would be viable ?
Thank’s for any advice,
Pete & Tanya.[biggrin]
If WA is anything like Vic you need to budget for 12 months. You may get it through in 6 months, but it is best to use a worst case scenario for due diligence.
Regards
Alistair PerryIt sounds to me, Martin Ayle’s workshop, promoted heavily throughout this forum, will suit your porpuse.
Cheers,
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