Estimating the cost of a renovation is notoriously difficult, but also very important. In the context of an investment, it may be a good idea to first establish a budget befitting the investment value, and then applying that budget to the renovation. In taking that approach you can at least inform your designer/architect/builder of your budgetary…[Read more]

JacM wrote:
How much does a subdivision actually cost?  DWolfe you sound like you know a bit about the topic…

Technically, a sub-division only costs as much as the surveyor's fees, town planning (council) fees and LTO fees. At may also be necessary to carry out a full TPP submission before a DA or TPP can be considered by the council – they…[Read more]

gaye81 wrote:
Hi there I have been told that if I wanted to buy a property to build some town houses on that I would have to buy a property that already has a house on it and knock down the exiting house to make way for the town houses as all new land now have covenants on them which will not allow you to sub divide the land. I would be grateful…[Read more]

Have you tried searching building approvals? They are not the same thing, but one should lead from the other, and the information may be more freely available.

jcso99 wrote:
Hi all,I am looking to develop 4 unit townhouses in Bayswater. My initial thought is to engage a draftsman/architect who would help me with drawing up initial plans to secure the town planning permit. Once that is done, the same draftsman/architect will get the detailed construction drawings and other necessary documentation to…[Read more]

In this case, who is "the developer" – you, the landlord/vendor/owner, or a third party?Generally speaking, the reward will be commensurate with the risk.

There's a lot of ways to make an offer, but in my experience this has been the most successful:Make a written offer and attach a cheque (payable to the REA trust fund) for 10% of the offer amount.Ensure banking of your deposit is contingent upon signed contracts.Do not negotiate for a period of seven days. Stewing time.This method encourages the…[Read more]

bradmonz wrote:

I'm looking to do my first subdivision/reno/redevelopment (yes I'm aiming high, but no guts, no glory – right?) on the Gold Coast and I have a few queries that might be answerable here before I start paying professionals: 1. To help with my search criteria, is there a minimum residential lot size for the whole GC City or does…[Read more]

bradmonz wrote:
I'm looking to do my first subdivision/reno/redevelopment (yes I'm aiming high, but no guts, no glory – right?) on the Gold Coast and I have a few queries that might be answerable here before I start paying professionals: 1. To help with my search criteria, is there a minimum residential lot size for the whole GC City or does it…[Read more]

That is an interesting one! I guess someone has to live near our incarcerated brothers and sisters!If it otherwise enjoys good amenity, and the rental yields are sound, I would suggest it's well worth a look.

There's some great advice there Dreamer, and I believe an offer should always be for what you believe to be the right price. And that "right price" should be determined by research. And, if possible, that research should be unclouded by emotion. I have bought property before without knowing the vendor's expectations. But I did understand my own…[Read more]

You can go a step further than that shahabr, you can arrange your own valuations and liaise directly with them. If you do this you will need to ensure your chosen valuer is a part of the board for that bank. If you think about it, this only gives your bank confidence that you know what you're doing.I'm not great with the technologies, so PM me and…[Read more]

Bank valuations seem like a bit of a mystery to many, and most people are happy to stand back and let the valuation happen. In my opinion, a valuation is a crucial part of the property finance equation. I put a lot of work into valuation support documentation and find that a) the valuers use this information, and b) my "valuation" is always on the…[Read more]

The earlier you approach the town planning department with your ideas the better. Having said that, you also need to have some idea of what it is you are trying to achieve. To do this you need to either be able to explain yourself particularly well, or have some basic sketch plans or land use plans to help communicate your ideas. Keep in mind also…[Read more]

For the developer, this is an exercise in the control of time and money. One of these will generally be compromised for the benefit of the other. Time allows the developer to improve the value of the property through completing the town planning process (and picking up a little CG) whilst a lesser price is just that. It's business for a property…[Read more]

This issue has bitten me before. My advice: get a sworn valuation for mortgage purposes. You can arrange this yourself, or ask the bank to do it for you.

The DA is the key to the future value of the property. Until you are certain (ie; have a DA) then it is opinion/speculation. It should be a more attractive proposition for your financier when you can adequately communicate the value at completion of the sub-divided property. You need to paint this picture for them clearly.  

An architect or suitably qualified dratsperson should be able to research and prepare land use digrams for $1,000.

I agree with JHall's advice about the town planning department at your council. These guys are a great source of planning information and advice you can get for free. We pay them to be there to answer questions regarding town planning, and they are generally happy to help and at least get you pointed in the right direction. One caution however; in…[Read more]

Here are some things that have worked for me:- Know the values by doing your own research.- Base your offer on what you believe to be the right price – not a function of discount to asking price.- If you make an offer, do it in writing and attach a cheque for the deposit amount. It will be taken seriously.- Ask the agent – straight up – what the…[Read more]