I have just bought my first property investment in ringwood victoria, old timber weatheboard needs approx 20k worth of renovations to bring value considerably up. The block size is 793sq metres and there is room in the back yard for a sub division and corner block so its got 2 driveways. I would like to find out the costs involved to subdivide that occur.
I plan on renovating the front house during the the 6mths home owners grant period which i have to live in it, then renting it out for cash flow and then once subdivision is approved start the building process. As I am only 20years old I wont be able to do everything at once.
Cheers
Pete
Hi Pete,
I have been a full time property investor for over 10 years (ex sparky). Great area to start. What made you choose Ringwood? It would be well worth looking into subdivision. Contact FR Perry and Assoc, they are a great town planning company, i can hihgly recommend them. You can contact Alistair Perry via email on [email protected] . You can mention i referred you , they know me well
cheers
tony wpb
Wholesale Property Brokers
http://www.wpb.com.au
Australia*Hong Kong*Singapore*India*MalaysiaI picked ringwood 1. because i live in the area , 2.the freeway is coming through in less than 2 years, close to public transports and shopping centres and 3. was a good price and location.
I am also an electrican but only 2nd year apprentice. What made you live the trade?
Pete,
good area. First thing to do is get yourself a town planner and sit down for a chat. They’ll have a list of what needs to be done to complete a subdivision and it will be pretty clear to you then.
You will need to obviously do an application for subdivision. Some of the fees include:
arborist report (trees)
survey
engineering plans
landscape plans
plan for the new house (depends on who does this the price could vary vastlyi can’t think of others off the top of my head. then you have council fees that you pay for them to check things, plus you have to pay to register your new title, plus you pay the bank to release the title for registration of the new title.
After that you also have to do all the connections to the property. Because you’re on a corner it should be ok – we’re doing one in maroondah and connecting down the back of a 60m block isn’t cheap when everything’s running from the front.
lastly – start subdividing NOW. Because it takes a long time to get it completed through council!
PM me if you want to chat about it – i can give you details of a town planner in the area that I’ve been using if you want to go and have a chat with them.
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