HI All,
New to this game and looking at older homes on 800sqm blocks to buy, hold, knockdown and put on 2 or 3 units down the track.
Aside from calling the local council and getting a verbal ‘yeah it is zone 1 residential so should be fine to build on’, what should I REALLY do to be certain I can develop before I buy the property?
Many thanks in advance!
Zem get the councils development plan and study it so you have a thoughough understanding what is allowed,and what isnt.Look for service issues with power,water and sewerage,and ask questions,but never let the 1st answer you get be the be all and end all,especially dealing with council town planners.
Enjoy the journey
Zem,
I regularly assess properties for clients before they purchase. I also find properties for clients that fit their investment and development parameters. Here's some of the things we look for, and look out for:
- The property zoning
- The state and municipal planning schemes
- Local and general overlays
- Covenants or caveats on title
- Proximity to services and infrastructure
- Density pattern in the area
- Precedents and preclusions
- Price pointing trends
- Buy in, sell out and exit points
- Land value/development cost ratios
- Feasibility fundamentals
- Proposed municipal strategies
There's quite a bit you need to know in order to find the right property. So you either need to understand these things yourself or find someone who understands and can advise you.
I hope that's useful, and I wish you luck with your plan.
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