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oc1
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June 30, 2013 - 11:27 am
wilko1 wrote:
Hi Oscar
What's the block dimensions looks like over 1400 sqm ?
How did you buy the site, on the market or off the market?
What were some of your negotiating strategies to get your long settlement?
Planning to sell 3 keep 1 ?
Thought i would continue on from your developing 101 post. Good information for people to read.
cheers wilko
Hey Wilko, i missed this post. Block is about 1100m2. It hit the market and sold within a week – 3 offers plus mine where on the table. It helps buying unconditionally .
Cheers
Oscar
oc1
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June 30, 2013 - 11:22 am
Did you get that in writing?
Oscar
oc1
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June 30, 2013 - 6:29 am
There is another document along with the building contract which is called the Specifications list. This will detail what is and is not included.
Oscar
oc1
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June 30, 2013 - 6:25 am
That's an odd question
Most of the time yes.
Oscar
oc1
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June 28, 2013 - 3:13 pm
Hi Wilko, no I didn't. Path of least resistance for me, so i stick to what has worked for me in the past and keep repeating.
I always hear that Bank X can do XYZ. Rarely does it happen in my experience.
Oscar
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June 28, 2013 - 11:37 am
AC, mine is a commercial loan. So the app fee is a % fee based on the total loan amount. If it was a 3 unit development then my loan would be residential and the app fee nominal.
Oscar
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June 28, 2013 - 11:35 am
Thomas83, be careful with the aboriginal overlays. One of my clients last year went through this during the town planning phase and it cost him $30,000 to get the approval. Thats's $30,000 EXTRA. You may need to conduct a survey and a report. Big bucks!
Oscar
oc1
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June 28, 2013 - 11:29 am
Other than the landscaping there's about 2 weeks to go before all is complete. Shower bases are in (minus the grout), the blinds have been installed and the kitchen splash back (tiles) have been laid. The sparky has done the fitoff as well as the plumber (toilets, sinks, laundry trough etc).
My concrete guy started yesterday and we had the crossover inspection by council today. So tomorrow we start pouring the crossover and the footpaths, car spaces and backyard entertainment areas will get poured Monday/Tuesday. I always look forward to the driveway/carspaces getting poured as the site basically gets a makeover – all nice and neat.
Subdivision wise all the relevant authorities (water, electricity etc) have given certification. Now i'm working towards obtaining compliance from each authority so that i can apply for 3 separate titles. The meters for gas and electricity will be installed next week too.
Any questions please ask away.
Cheers
Oscar
<img alt="" border="0" height="496" id="lightboximg4" src="http://somersoft.com/forums/attachment.php?attachmentid=10494&d=1372415540" style="border:solid 4px black;border-bottom-width:0px;" title="driveway.jpg;
743 x 557 (@90%)” width=”662″ />
<img alt="" border="0" height="496" id="lightboximg5" src="http://somersoft.com/forums/attachment.php?attachmentid=10495&d=1372415574" style="border:solid 4px black;border-bottom-width:0px;" title="driveway 2.jpg;
697 x 523 (@95%)” width=”662″ />
<img alt="" border="0" height="496" id="lightboximg6" src="http://somersoft.com/forums/attachment.php?attachmentid=10496&d=1372415592" style="border:solid 4px black;border-bottom-width:0px;" title="kitchen with splashback.jpg;
1348 x 1011 (@50%)” width=”662″ />
<img alt="" border="0" height="496" id="lightboximg7" src="http://somersoft.com/forums/attachment.php?attachmentid=10497&d=1372415632" style="border:solid 4px black;border-bottom-width:0px;" title="fence posts.jpg;
807 x 605 (@83%)” width=”662″ />
oc1
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June 25, 2013 - 5:03 am
Mine was a natural progression from other strategies I used with property. The last step was going from land subdivisions to property development.
A lot of research into the whole process as well as networking with others is a good start. There are some courses out there – not sure how useful they are though.
Oscar
oc1
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June 25, 2013 - 4:46 am
Interesting, thanks Paul.
What's your opinion on using this technique with newly developed property?
Oscar
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June 25, 2013 - 4:45 am
N@than
Keeping your risk low is one of the keys to developing. When starting out look for a friend, a member of the family etc to show you the ropes. While you do learn through your mistakes this is one area where this train of thought could be costly. It's always good to have someone to bounce off ideas.
Cheers
Oscar
oc1
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June 25, 2013 - 4:42 am
Hi taxrus
The answer depends on a range of possibilities. As a guide a standard 3-5 unit site from beginning the town planning process to the handover of keys would range from 12-24 months. It depends on who is running the job, the complexity of the design, how smooth it runs through council etc etc.
Cost wise $1500pm for a decent finish. This still depends on where you are developing as each area tends to have a different level of expectation when it comes to the standard of finishing.
Oscar
oc1
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June 24, 2013 - 6:07 am
Hi vsixtyfour
I have submitted 2 applications a little while ago….a 5 unit site and a 6 unit site. The council is ok to deal with. They are a bit of a pain during construction though.
As for builders there is an abundance of them in the area.
Oscar
oc1
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June 24, 2013 - 6:00 am
You could also develop the 5 properties. If you do the sums right you can end up with positive cashflow properties which would cost you less than market value and stampduty only on the original purchase of the land.
Food for though.
Oscar
oc1
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June 24, 2013 - 5:56 am
Thanks for contributing to the thread guys.
Property developing is a great strategy but it is a strategy that takes time to realise your profit. Still, rather than rush the whole process it does pay to allow yourself some additional time to complete the project rather than stressing the whole way through.
Oscar
oc1
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June 24, 2013 - 5:47 am
You're welcome S Roberts. That's the beauty of forums.
Cheers
Oscar
oc1
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June 20, 2013 - 1:10 am
No problems Naz.
The worst of the rain seems to be over. It has pushed the outside work out by 2 weeks. The boulders were to blame for this too. The Stormwater and water taps are now finally in. What normally is a days work for my plumbers took 4 and a few grand extra!
Downpipes are installed and external lock up is completed (eaves). The painter is nearly finished – only has a couple more days to go. The photo doesn't do it justice but so far the paint job is fantastic.
Tiling is completed in the laundry and bathroom. Just waiting on the shower base to be tiled this weekend. On Saturday the shower screens and windows get installed and so do the stone bench tops. Nice
The final rush will start next week. Fitoffs, carpet, kitchen splash back etc. I'll load more pics once everything comes together.
Anyone want to lend a hand with the landscaping?? <img alt="" border="0" height="496" id="lightboximg0" src="http://somersoft.com/forums/attachment.php?attachmentid=10442&d=1371630634" style="border:solid 4px black;border-bottom-width:0px;" title="timber door.jpg;
1535 x 1151 (@44%)” width=”662″ />
<img alt="" border="0" height="496" id="lightboximg1" src="http://somersoft.com/forums/attachment.php?attachmentid=10443&d=1371630657" style="border:solid 4px black;border-bottom-width:0px;" title="downpipe.jpg;
973 x 730 (@69%)” width=”662″ />
<img alt="" border="0" height="496" id="lightboximg2" src="http://somersoft.com/forums/attachment.php?attachmentid=10444&d=1371630732" style="border:solid 4px black;border-bottom-width:0px;" title="tiling.jpg;
1603 x 1202 (@42%)” width=”662″ />
<img alt="" border="0" height="496" id="lightboximg3" src="http://somersoft.com/forums/attachment.php?attachmentid=10445&d=1371630875" style="border:solid 4px black;border-bottom-width:0px;" title="paint.jpg;
1283 x 962 (@52%)” width=”662″ />
oc1
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June 11, 2013 - 8:46 am
Somersoft have monthly meeting, usually in the eastern suburbs. Check it out for more info.
Oscar
oc1
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June 11, 2013 - 8:42 am
A town planner or companies specialising in obtaining the relevant permits/DA would be the way to go in order to see if you can develop your block and to maximise the block e.g. how many units, highest and best use etc
Cheers
Oscar
oc1
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June 10, 2013 - 8:42 am
^ ^ What Scott said. Adding extra concrete on top is risky without proper reinforcement.
Maybe put some photo's up so we can all see?
Oscar