Ok Need your help have been surfing this forum for awhile & finally posting.
I’m very new to the whole investment thing but wanting to get started.
I’m wanting to purchase a block of land, build on it & then sell it asap (hopefully all within 12 months). I have a budget of 5-600000 for the whole thing (including interest on loan). I have my eye on a block priced around 320 000 so wanting to build a modest 4 bed single level as my first investment property.
Just wanting advice on what I need to include in this price, stamp duty, tax implications & other building tips etc that you can give…
Thanks in advance
NatcatDevelopment is not an easy starting point for a beginner.
What are you going to sell it for. The market determines the selling price.
If you go over costs you can make a loss.
Do you have a team of professionals. Do you have a plan drawn up. Do you have an Architect, Builder, Solicitor , ect
Would suggest reading some books of development of property so you know what you may need to do this project.GST , building permit submission cost, costs for connecting services like water, electricity, Sewerage, Storm water, capital gains tax, marketing costs, selling commission costs, ect
check out http://www.businessmall.com.au/ when the web site is back online and go to property development.
Why not? But always have a back up plan – "failing to plan is planning to fail" .What is your worst case scenario when property prices go south????? i.e. What happens when the price of your investment drops by $150k. Think not about the money you can make but the money you can lose. Plan your strategy from this point. This does not mean avoid this scenario. But structure yourself well with the right investment advice. http://www.birchcorp.com.au
Hi Natcat,
For the money you are spending – you could do 2 – buy 2 blocks at todays price, build on one, sell when finished (or live in first to reduce capital gains) then build on second block – this may reduce your risk. If you are looking to do something Victoria PM me.
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