subdividing

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sabinahop56
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@sabinahop56
Join Date: 2006
Post Count: 8
February 2, 2006 - 4:14 am
Hi, Thanks for feed back on previous post, have now changed tact and need advice. We would like to purchase a property in werribee which could be subdivded, build a unit at the back and sell one or the other and keep one for rental. How much does it cost to subdivde, mimimum land size and driveway width required and any other relevant info that I need to know. There are many older properties selling in werribee under $200k which I think will be a good place to start a portfolio. Thanks.
giddo
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@giddo
Join Date: 2005
Post Count: 152
February 2, 2006 - 4:32 am
I think this is a good strategy for making good use of your land, providing the demand is there of course.
It is a long journey however.
You need to consult your friendly town planner first, and the great thing is that it will cost you nothing to do this.
Then you have your usual architects/draughtsmaan, suryeyers etc etc etc.
I think development /rezoning is a great way to improve your position while the market is static.[exhappy]
Giddo
http://www.standrewsplace.com.au
KNOWLEDGE IS POWER
sabinahop56
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@sabinahop56
Join Date: 2006
Post Count: 8
February 2, 2006 - 5:02 am
Thanks Giddo!
jtw
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@jtw
Join Date: 2005
Post Count: 57
February 2, 2006 - 6:40 am
ronsab,
I am a great fan of sub division/developing, however the time delays are enormous. The frustration at times unbelievable, but it definitely worth it if you pick the right property. Have you considered your holding costs and it is possible to offset with rent etc.
jtw
sabinahop56
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@sabinahop56
Join Date: 2006
Post Count: 8
February 3, 2006 - 2:04 am
Hi JTW,
Yes , our plan is to keep and rent existing dwelling while preparing to subdivide and build which I found can take up to 12 months.
mapleleaf
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@mapleleaf
Join Date: 2005
Post Count: 51
February 3, 2006 - 8:41 am
Ronsab
Fisrt step is to call the local council and get information on all of the application fees, headworks costs, park contribution fees etc etc.
It varies from place to place and it may give you a quick overview if this is finacially viable, and then you can start thinking about time frames for this project.
Good luck,
Mapleleaf
Achieve the Dream!
dtoovey
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@dtoovey
Join Date: 2006
Post Count: 8
June 23, 2006 - 11:32 am
Hi Ronsab
How did you go in Werribee? I’ve just started looking at doing the same thing but haven’t yet got in touch with the council or got the figures on what I’d build at the back.
Regards
Dean