Hi everyone I was just wondering if anyone could give me some advice ? I was out looking at real estate the other day and came across a deal as follows ,
Block of land -$140,000 , with permits to build 2 units both two bedrooms with single garages , unit 1 642meters sq+24.7 for garage and unit 2 112meters sq +garage 24.7 , Units in the area sell brand new for around 220 to 230,000 , just wondering if anyone could give any advice ie would this be financially viable also pros and cons as i have not had any experience in this field , any advice would b greatly appreciated , cheersHi Halit
If someone has gone to the trouble of having plans drawn up for the units I would say there must also be a quote to build them – ask to see the quote and that may help with your decision. Remember to add on landscaping costs, carpets, blinds etc.
Sparky
Check the date of the expiry on the development consent. In NSW they are usually two years. Get a copy of the development consent and ring the local town planner for a meeting. You need to quickly establish how much time you have before building. You can usually extend the consent by 12 months but 12 months only and only once. No ifs or buts – them’s state laws. It should not cost anything to extend the consent date. Can you organise builders and finance before the expiry date.? You don’t have to finish the development prior to consent expiry, just substantially commence the building project which means more than just scraping a bit of dirt around. I would want to see foundations filled and some form of construction work happening to demonstrate a substantial commencement.
thanks for your advice guys , I decided not to go ahead with this one as I only had 14 days to find out everything I needed to know therefore didn’t want to rush into something I wasn’t 100% sure about , doesn’t matter plenty more opportunities out there.
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