All Topics / Value Adding / Getting DA approvals and finding a team
hi,
I am currently doing some homework on property options as i find them very interesting. the basic option plan is as follows:
1. find a house with potential higher use.
2. put an option on the property (should the owner want me to) for a price will be more then the current valutaion (the optoin would be for about 2 years)
3. Get a DA approaval for a higher use
4. sell it to a developer or develop it myself.now i know that this is over simplified. and each step isn’t as easy as it seems. but i was wondering if i could get some clarification on things i can and can’t do.
1. i am totally new at this, and have no experience. how do i find a property that has potential for higher use? do i need to ask the council directly? how do i read and find out information about zoning for the regions i am looking at (Ipswich, Queensland).
2. now if i am not mistaken an option contract can be drawn up for about $500-800 AUD, and a new one should be drawn up for each and every option. also really basic, which lawyers should i seek to draw up these contracts? property lawyers?
3. The DA approval team. now how much would a DA approval cost? how much would the service of an architect, town planner, engineer and valuer cost (have i missed anyone? can i do joint ventures with them? is it something that people in those professions do? are there people who do this and would like to talk?
4. selling the property. i would probably approach developers and etc. with a DA approved plans, and offer it to them at under market. to make sure that the property sells quickly. i would be offering the purchase of the option from me. so i would be pocketing the increase between the higher value i offered the house owner, and the lower then market price of the valued new land use. of course if i have joint venture the profits would be shared. how much would a joint venture cost to draw up? also what kind of lawyer should i contact to draw these up?
does all this make sense?
is there anyone in Brisbane/Ipswich/Sunshine Coast/Gold Coast/ Logan currently doing this that would be happy to spare some of there time to talk to me about it?
thanks for your time. i look forward to seeing alot of discussion
Jerome
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