It looks like a fantastic opportunity to me however it comes with some restrictions. 11 acres on an Island that is currently experiencing a massive development period, for $300k. The block is zoned green at this stage, meaning any development would require satisfying the local council of minimal damage to the environment. The block is 2-3km from the closest power and town water facilities which happens to be where the last of the developed bays is situated. The block is 200-300m from the beach separated by national park wetland. The Island is 6km from the mainland serviced every hour by a car & person ferry.
My long term goal would be to buy and hold for at least 5 yrs setting up a dwelling to rent over the 5yr period, putting it on the market after that period. Any feedback would be appreciated. Thank you in advance.Steve Farrell
Thought about how you would finance it.
Depending on the State and the Island would determine how much you could finance against.
Richard Taylor | Australia's leading private lender
Sounds lovely.
Have you thought about how you will power your house if the power is 2-3km away, look into the cost of getting the power connected from that distance away or how much solar panels and batteries would be. This could add quite a bit to the initial cost. Rainwater tanks will solve the water problem assuming they can be transported to the island, check out the cost of doing so?
Lastly ring a builder who works on the island and find out what the costs would be to build on the island, there's probably extra transport costs of either brining the goods by barge or boat. Not saying it can't be done but go into this with your eyes open, know exactly what your costs would be.
Gook Luck
PK
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