I am looking at buying some land 90K which has been subdivided and building a house to owner occupy. I am not sure if I should buy this land or find a similar block and subdivide it myself. I think there could be more profit this way but from what I have read I could still be waiting in 12 months. My total cost after building will be 225K. Properties of a similar type in the area are selling for 300K+. I am interested in any suggestions. Thanks.
Martin Wooding
Quadre Property GroupYou might find some stiff opposition from council or neighbours if you are planning this in a new estate.
I am sure that the land developer would have tried to get the maximum number of blocks out of the subdivision in the first place. So your chances of further lots would be very slim.
http://www.developersedge.com.au
130073 5934
You may have misunderstood what I said. The land is not a new estate. It is a piece of land in a well established suburb. A developer has had plans drawn up with permits and is now selling the newly create block. I am not sure if I should buy the block or find a house, like the developer did, on a large block and subdivide it myself. I would sell the front house off and keep the vacant land.
Martin Wooding
Quadre Property GroupMartin
In that case I cant see why you cant do the same yourself.
However, developments carry risks and each site you look at will need to be properly assessed for all the hidden costs. The majority of these lies in the operational works needed for services.
Other costs such as interest,council fees purchase costs will need to be factored in as well.
You will need the services of a good townplanner to advise on the suitability of each lot you look at.
Good luck
Regards
Sailesh
http://www.developersedge.com.au
130073 5934
Originally posted by mwooding:You may have misunderstood what I said. The land is not a new estate. It is a piece of land in a well established suburb. A developer has had plans drawn up with permits and is now selling the newly create block. I am not sure if I should buy the block or find a house, like the developer did, on a large block and subdivide it myself. I would sell the front house off and keep the vacant land.
Martin Wooding
Quadre Property GroupIf you know what you are doing, it makes sense to do the same – why pay the developer’s profit.
If you don’t know what to do, then don’t take the risks involved and just buy the block
Michael Yardney
METROPOLE PROPERTIES
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FREE subscription http://www.metropole.com.auI agree with michaels comments, i specialise in selling development sites and i have seen huge developers get caught and do their money if the experts run into touble you need to really know what you are doing i have seen one developer lose over 2 mill to a problem with a growling frog.
good luck
billA growling FROG??? What – How – Why ???
“I alone know the plans I have for you, plans to bring you prosperity and not disaster, plans to bring about the future you hope for.” ~ GOD ~ (Jeremiah 29:11)
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