Hi all,
I have just joint the forum. I have spent some time reading some of the discussions and find them very interesting and useful.
My husband and I have experience in subdivisions and building townhouses but I have been thinking for some time about buying a block of apartments on one title (it is not easy to find but) renovate them if necessary, subdivide them (may be other term is used), every flat on different title and sell them individually.
As we haven’t done this before I am not sure what do I need to look for when I inspect the block, what sort of questions I need to ask the agent? What sort of return I should look for? Basically I am seeking any useful information. I would appreciate if people that know or have done this sort of investment share their experience.
Not sure if it matters but we leave in Melbourne.
Thank you very much to all in advance.
I would get a builder in to inspect them and ask the questions of the builder.
I wouldn't ask the agent anything at all. They often don't know council regulations. When I have done this in the past I have given the builder strict instructions not to disclose to the agent that I am looking at subdividing. I have found that if the agent knows they can be subdivided then the price of the property will reflect this.
The bargains are to be had when neither the vendor nor the agent know the true value of the property.
Good luck
K
Thank you Linar for your respond.
Well, in our situation we are the builders, we are the once to do the renovations if necessary or hire the subcontractors to do them if we need electrician or registered plumber for example.Any other work my husband handles. Unfortunately in most cases the agents know that the block can be subdivided and all apartments sold individually. Do you know where I can read a bit more about the process and how it is done in terms of the legal site of things? Thank you again,
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