Hello all,
I am a new member to PI.com and also looking to begin property investing. I have attended some seminars and been trying to increase my knowledge of property investing over the past 6 months.
Anyway my first plan of attack is to purchase my own home on a property that can be sub-dived with room for two extra tittles on the original block. Ive been crunching numbers however im unsure of the value of subdivded land. Im looking in the croydon area in vic. My plan is to sell the land sub-divided with a building approval on them as i'm not experienced in property and that is my comfort level atm. So basicly to help me crucnch numbers what would be the market value on a sub divided land with building approval 2 bed 1 bath 1 garage.
Also any advice from people experienced in this matter would be great im always looking for experienced opinions.
Thanks Dohers
Hi Dohers,
I not have direct any experience in this property strategy however I have done over 100 property transactions and developer to research on whether to do or not. In our research process we went and talked to:
[1] town planners: and found them to be very helpful in giving is information on what we need to look at in relation to costs and other important variables[2] local council: was also pretty helpful with what we had to look at and I do not know about Victoria but in Queensland you can find a lot of information online which is known as "PD Online" which stands for property and development online.
[3] real estate agents: if you ask enough of them and then take the average of their responses you'll be up find out what the current average land size is, the market value of that land size and if you're lucky enough asking if they can recommend anybody who does it is in the area you could talk to.
Hope this helps you is as this is what I did when I researched doing splitter to a couple of my rental properties.
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