A complete newby to the forum and property investing so hope you are all gentle.
I would like to subdivide my 1056sq m 20m frontage block of land that has an existing home at the front. By creating a right of way to rear block. The block is zoned 2b allowing me to develop 2 townhouses at the rear. Its in Northern Wollongong. The idea is to sell the existing house and then build 2 townhouses at the rear. Live in 1 on completion and rent or sell the other depends on circumstances and tax implications. A family trust owns the property.
I have had the property surveyed with the view to subdividing the block and would like to know what other costs i would be up for. Having had discussions with a town planner at council they say its doable. Would it be worthwhile organising a contracted townplanner to help with this or is it within a surveyors capability. Have not asked my current surveyor yet. Any suggestions for a good planner in the "Gong" or other suggestions would be greatly appreciated.
In addition could i sell the existing home on a conditional contract sj to subdivision being approved. Would potential purchasers be able to organise finance on that basis that protects them and me so that i can do the sub-division with confidence. As i need the funds from sale of house to complete the sub-division. Or at least organise s/term funding for the period between approval and physical development and registration of the land and the settlement on the house sale.
Sorry i loaded up all this but so many questions. have not ventured into the tax implications which will probably be the sj of another post.
Come on guys someone knowledgeable must have an opinion PLEASE
I am of the opinion that a land division over this site has merit providing that a building designer can achieve compliance with Councils development plan provisions (e.g. site coverage / private open space and on – site parking etc) In the first instance I suggest engaging a reputable surveyor who has experience in the particular Counci and have a contour/site pickup arranged. This survey is essential and is appropriate for design purposes, sewer and finished floor levels and will include identifying significant trees, existing structures and services to assist you with your feasibility. The plan can be given to a building designer to prepare an application for planning assessment. Once Council has approved or indicated an approval is likely it would then be appropriate to have the designers plans forwarded to the surveyor so he can duplicate and prepare the land division application. Pursuing your aspirations in this manner and providing a blueprint at the beginning provides council an indicative aspect and certainly prospers your application.
A town planner is not neccessary and will charge fees thats not neccessary nor required.
Talk to a conveyancer,(the surveyor can provide you with a recomendation for sure) about how you should go about a conditional contract.
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