All Topics / Help Needed! / due diligence checklist for development land

Viewing 7 posts - 1 through 7 (of 7 total)
  • tanjimh
    Participant
    @tanjimh
    Join Date: 2011
    Post Count: 39
    June 9, 2013 - 9:58 pm

    I am just trying to get started with property development. I am struggling with making decision picking the right land.

    For example:

    I might think i am buying a 4 unit site only to find out later that it’s in at

    council as a 3 unit site or even worse, none at all.

    The site maybe in an area that won’t allow any development.

    A tree in the backyard that must remain and cannot be removed.

    Council regulations I am unaware of. (Like flood overlays even when

    the site is nowhere near water).

    Is there a pre-purchase due diligence checklist that I can follow?

    Profile photo of landt64landt64
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    @landt64
    Join Date: 2004
    Post Count: 166
    June 9, 2013 - 10:54 pm

    Hi Tankimh, 

    Troy Harris has a due diligence checklist that might suit your needs. You can google his website or try this address it may be correct http://www.rookiedeveloper.com.

    landt

    Profile photo of oc1oc1
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    @oc1
    Join Date: 2012
    Post Count: 148
    June 10, 2013 - 8:40 am

    Hi Tankimh,

    Later this week I'm going to put up a "How to do a feasibility" post up. This will answer most if not all of your questions. Seems to be a demand for this type of knowledge lately.

    Oscar

    Profile photo of Nigel KibelNigel Kibel
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    @nigel-kibel
    Join Date: 2005
    Post Count: 1,425
    June 10, 2013 - 11:15 am

    Hi Tankimh

    Property development is a very complex area. Over the years I have seen many people without experience lose money. So the secret is who you have on your team. I do larger developments but I use a team of professionals who know what they are doing. If you are doing a smaller development make sure you have a good town planner, a broker who specializes in development finance and a builder who working with you.

    Don make the mistake of trying to do this on our own without the knowledge and training you will lose money

    Nigel Kibel | Property Know How
    http://propertyknowhow.com.au
    Email Me | Phone Me

    We have just launched a new website join our membership today

    tanjimh
    Participant
    @tanjimh
    Join Date: 2011
    Post Count: 39
    June 10, 2013 - 11:37 pm

    Hi Nigel

    Thank you for the advise.

    I am looking for small residential development.

    I know a broker specialized in development.

    I need to find a town planner and builder.

    If I need to find out what I can or can't build on a block, is that a job for town planner?

    Profile photo of oc1oc1
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    @oc1
    Join Date: 2012
    Post Count: 148
    June 11, 2013 - 8:42 am

    A town planner or companies specialising in obtaining the relevant permits/DA would be the way to go in order to see if you can develop your block and to maximise the block e.g. how many units, highest and best use etc

    Cheers

    Oscar

    Profile photo of DerekDerek
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    @derek
    Join Date: 2004
    Post Count: 3,544
    June 12, 2013 - 4:20 am
    oc1 wrote:
    A town planner or companies specialising in obtaining the relevant permits/DA would be the way to go in order to see if you can develop your block and to maximise the block e.g. how many units, highest and best use etc

    This is the key to your success – we do some work in this sphere and have had instances where planning departments did not fully appreciate the zoning implications and were able to get additional meterage into the development thus 'maximising' returns.

    Hope this helps.

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