Hubby and i are new to the property investing game and I’m reading everything i can get my hands on. We have brought a property in SE Qld and it has DA approvals for reconfiging 2 lots into 3 ( consent of neighbour) and to build 2 multiple dwelling. the reconfig will be using approx 600m2 of the neighbours which we have a verbal agreement to buy off him when all OK and about 800m2 off the back of the house and land we brought, on this council has approved 2 x duplexes (1x 3brm +1 x 2brm and 2 x 2brm) be built. As i have never done this before is there anyone out there that can give me any insight at all into the steps to be taken.
I have spoken to the surveyor, the council, the solicitor and the designer and from what i can gather we have to get the survey plan into council first and then start meeting the criteria of the approvals – the solicitor says we can’t buy the neighbours land until the survey plan is signed by council but i don’t think they do this until the whole project is complete!
the next step i beleive is the headworks and stormwater and kerb and channel to the propsed new lot but we can also start building as long as the criteria are met before the expiry of both approvals, or do we have to finish the reconfigeration first and then start building, I think we may have to borrow around the $550 000 to complete the project but i may have missed something, anybody got any ideas on the best way to borrow this kind of money, hubby is extremely worried that this will be to much debt – but I’m trying to beleive that we can manage the risks and that it isn’t ‘too risky’
any help would be greatly appreciated.[blink]have spoken to the surveyor, the council, the solicitor and the designer and from what i can gather we have to get the survey plan into council first and then start meeting the criteria of the approvals – the solicitor says we can’t buy the neighbours land until the survey plan is signed by council but i don’t think they do this until the whole project is complete!I know nothing about this sort of thing however looking from my logic, the solicirtor has said you need to organise the survey plan of the land for sale from your neighbour. This may not be the plan for the whole project. as I would think you would be pretty game to commence anything on a verbal agreement. In other words is the Solicitor suggesting buy the land first, but you will need to have the surveyancing done to show which part of the block is his and which is yours. Check with our solicitor if this is what is meant
Wayne Skewes
Mortgage Broker
Email [email protected]
http://www.eaussie.com.au/Mortgages/Aussie_Mortgage_Adviser.asp?ContentID=852280
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