I've noticed a house for sale in Wyndham close to the main st & train station & 634m2 approx.
A house on the same street earlier this year sold quickly and they knocked down the house and preparing to build.
Slowly, the area is getting knocked down and lovely duplicate units or townhouses are being built.I was wondering what process do I go through to know if it is a good deal & how to work it out.
– I believe the purchasing price is good but i don't know or understand what I do to work out if:
– I am allowed to knock down the house and build two units
– Is it worth keeping the existing house and build a unit at the back
– How much it would cost to buildHow do people work this information out & what do you do before you put in an offer?
Is this your first Investment property?
Regards
MichaelMick C | Shape Home Loans
http://www.shapehomeloans.com.au/
Email Me | Phone MeSame Banks. Better Rates. Served With a Passion.
Hi Tigermiger,
You should always start by giving the local council a quick call to find out whether there's any restrictions on the property. I assume you would have a copy of Section 32, have a good read on the certificate of title section to see whether there's any covenant prevents you from constructing multiple dwellings.
For your other questions, you should consult with a designer or builder. Some good designers should be able to provide you with a simple feasibility study for free which includes estimated floor area of new buildings, professional services cost and construction cost.
H
Shape – Yes, I am on the search for my first I.P. I've been leaning more on the strategy of buy & hold, but i noticed this house in Wyndham for $265k that has caught my eye and thought maybe a buy/ renovate/ build/ sell might be a good idea and use the money to pay off my PPOR.
hrub – thank you. Tomorrow is an open day & i will ask for the section 32. I just spoke to our local council who commented: the block of land is a bit of an awkward shape with the exisiting house on it, with a land size of 634m2 approx it would 2 units. Before any offer is made I must check the title and see if there is any covenants or restrictions eg: can only build 1 dwelling. If no convent – then nothing is stopping to build.
Does that sounds about right for my pre-reshearch if it is a good size block or suitable?
Should we make an offer, I'm then to meet with a drafts person (preferably a local one would be familiar with the council) – they will design the houses and submit our application to the council/ town planning. (for something of this size, would take approx 1-2 months to get council approval).
Hi Tigermiger,
As above, it is always worth looking at what zoning the property is in, and which restrictions apply. For my first point of call I always check out land.vic.gov.au in the “Planning Maps Online” section. On this website you can also do a title search, where you can look at any covenants. I think this website is pretty pricey for this, but most surveyors (for example) have access to the acsv website where we get comprehensive title packages for a good price.
Also have a chat to a town planner (Breece on here is very helpful), and look at other subdivisions in the immediate area. Draftsmen, town planners and architects can just about work with any size of block to get your project happening.
Hope this helps! I’m always happy to answer any questions on the surveying / subdivision side of things if you have any
Regards,
Ashley StaceyHi Tigermiger,
Listen to the advice on this forum and you won't go too wrong. Great place to start is the section 32 and a chat to the council as well as get the council development guidelines off their website. Be sure to engage a town planner in what you are planning to do as they will tell upfront whether you are in the ballpark of what you are trying to do. I have meet with Breece and would defintiely have a chat to him, he is a very experienced Town Planner. <moderator: delete advertising>
Good Luck with the open tomorrow.
Regards
Maurice
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