An opportunity has open to my family which allow us to acquire 2 blocks of land next to each other totalling 1500 sqm, we think this could be a very good development opportunity for town houses and a few villas. However we have not done anything like this before and not exactly sure of the entire process.
Just thinking ahead now I would imagine the process to be:
1. Get council approval for land sub division
2. Contract an architect to draw up plans for the development
3. Get a valuer to estimate the approximate value of the property drew up by the architect, this is so we can seek finance from the bank and get an idea of possible profit.
4. Contract a builder to do the construction
5. Get council approval for the construction
6. Start selling the property off the plan
7. Contract other worksmen for various other tasks such as tiles, electrician etc??I know there would be more details on it… does anyone here have experience in executing this process or is familiar with what must be done?
Comments appreciated…
You will need the plans drawn up before you get the DA from council – they will need to see the site plans at least.
Depending on the project you may not need an architect. Our last one was two identical houses and the builder had the plans drawn up which were satisfactory to council.
Cheers,
Simon Macks
Mortgage Broker
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
With a block of this size, I would also be talking to a town planner to see what can be done to maximise the usage and return on the block.
Bribie
I found it wqorthwhile to actually make an appointment to sit down with the Duty Planner and go through all the possibilities. I thought they were very helpful but I have heard that some councils don’t enjoy that reputation. Ask around and you should quickly learn the best way to approach your council.
It’s one thing to maximise the usage but you need to calculate what is best usage…what I mean is given the choice between say two three bedders or three two bedders some knowledge of the market demand may well sway you one way or the other.
Best of luck,
Simon Macks
Mortgage Broker
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
hmm look like I will have to give the council a call then…
Jetster, how did you know what the land was worth ?
Pisces133
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