Hey everyone, recently I have been talking to a friend about buying a piece of land with permits for building 4 units. I have a rough idea about the costs of building the actual unit, but I was wondering if anyone had an idea about the actual costs of subdividing the land and any other hidden costs. Also, what are the main risks involved with doing this ? Because theoretically the profits and gains seem a bit to good to be true. Why wouldn't everyone be doing this if the gains are so high ? Any information would be useful or even if someone could point me into the right direction would be much appreciated. The land is located around Melbourne. Thanks, joe.
Hi Joe, the local council is probably a good place to start regarding the fees payable to them. I guessing there is also need for civil works (road and services) the phone book may help find someone that could give you a price or an estimate at least. Gst? Then there is the cost of time, waiting for building approval, again council could help with timing (add a month or two to what they say). I am not sure if there are any planning consultants on here, but would be worth a call to one and they would be familiar with costs in your area.
Breece is your man
https://www.propertyinvesting.com/user/breece
Jacqui Middleton | Middleton Buyers Advocates
http://www.middletonbuyersadvocates.com.au
Email Me | Phone MeVIC Buyers' Agents for investors, home buyers & SMSFs.
You must be logged in to reply to this topic. If you don't have an account, you can register here.
