All Topics / Help Needed! / Very new to the property game, few questions about subdiving

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  • Profile photo of joeturabianjoeturabian
    Member
    @joeturabian
    Join Date: 2013
    Post Count: 1

    Hey everyone, recently I have been talking to a friend about buying a piece of land with permits for building 4 units. I have a rough idea about the costs of building the actual unit, but I was wondering if anyone had an idea about the actual costs of subdividing the land and any other hidden costs. Also, what are the main risks involved with doing this ? Because theoretically the profits and gains seem a bit to good to be true. Why wouldn't everyone be doing this if the gains are so high ? Any information would be useful or even if someone could point me into the right direction would be much appreciated. The land is located around Melbourne. Thanks, joe. 

    Profile photo of ShahnShahn
    Member
    @shahn
    Join Date: 2013
    Post Count: 3

    Hi Joe, the local council is probably a good place to start regarding the fees payable to them. I guessing there is also need for civil works (road and services) the phone book may help find someone that could give you a price or an estimate at least. Gst? Then there is the cost of time, waiting for building approval, again council could help with timing (add a month or two to what they say). I am not sure if there are any planning consultants on here, but would be worth a call to one and they would be familiar with costs in your area.

    Profile photo of Jacqui MiddletonJacqui Middleton
    Participant
    @jacm
    Join Date: 2009
    Post Count: 2,539

    Breece is your man

    https://www.propertyinvesting.com/user/breece

    Jacqui Middleton | Middleton Buyers Advocates
    http://www.middletonbuyersadvocates.com.au
    Email Me | Phone Me

    VIC Buyers' Agents for investors, home buyers & SMSFs.

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