Hello everyone
I'm new to this website, and here is my question
Im looking at this bigger block of land that I would like maybe to build quite a few units and its under Wyndham council VIC.
Well this is just an idea, but do you think that people would be interested? And how do I go about this, because just looking at how many units / appartments can be build it look like a big investment and it might come with a really big returns.Thanks in advance about your advices.
Why don't you give Wyndham Council building & planning department a call and ask for some guidance.
You really must be very careful – you will have to pay stamp duty to purchase the land, and you will want to be very sure that you will be able to do what you hope with the land (you will want to ensure there are no sewer pipes that you cannot build over the top of, for instance). You will also need to ensure that your intentions will not be met with resistence from council. Get onto the Wyndham Council website and have a read of the Section 55 document before you call them.
As to whether people will be interested – I assume you mean in buying the units from you? First make sure council would allow you to split the titles, and under what conditions. Then, research research. How long have you been watching the Wyndham market to see how quickly properties sell… what kind of properties… and for how much.
Remember there will be fees payable to the real estate agent on the sale, and capital gains tax on ALL the profits if you sell them within 12 months, or a 50% discount if you hold them for longer than 12 months.
Jacqui Middleton | Middleton Buyers Advocates
http://www.middletonbuyersadvocates.com.au
Email Me | Phone MeVIC Buyers' Agents for investors, home buyers & SMSFs.
Hi JacM
Thank you for joining this topic.
I have been watching over the Wyndham market for over a year now, I know maybe its not enough but looking at how the appartment type property is selling, looks like a lot of them are sold out pretty quickly, for example there was a set of 16 appt in one of the estates and got sold in a week.
This block of land is pretty well situated, close to train station, hospital, police station, main highway and also 5 mins away from the shopping center.
Yes to buying the units from me, I will research on this and will reply with my findings.Thank you again for pointing these things to me.
Good advice as ever from JacM. This is a big undertaking you are talking about and the tax implications alone can sink this type of proposal before it starts. Perhaps try to write down your intentions (what you want to do and why) and then consider how this can be achieved and what structure is best. A larger development like this might, for example, be carried out using a company structure established specifically for this development alone.
You must be logged in to reply to this topic. If you don't have an account, you can register here.
