Hi All,
This is my first post on this forum after reading through many other users insightful posts and i wanted to share my property story to date.
2 years ago i purchased a property with my brother with the hopes of knocking down the existing dwelling and building 2 dwellings. Life however got in the way of those plans and we needed to re-evaluate so we decided our best approach was for me and my wife to continue living in the existing dwelling and develop a double story dwelling at the rear. My wife and I could then continue to live in the existing house. (my brother lives elsewhere with his partner and we pay him some rent).
The plan is to develop this rear dwelling and then sell for hopefully a nice profit which will then give me the ability to purchase the existing dwelling from my brother. The existing dwelling is old but in fairly good condition and once i can afford to purchase it i have some grand plans for renovation.
Anyways getting back on topic, 2 weeks ago i got council approval and now have a planning permit. My draftsmen is now organising working drawings and engineering and hopefully i will soon be ready to push forward with a building permit and commence work.
So the reason for my advice and explaining in detail how this has come about and my current situation is I am really keen to get peoples advice or tips when it comes to developing like i am. Do people have strategies to ensure spending stays low, inclusions that offer the best ROI, things to avoid, things to include, people to speak to.etc.
For those who like to crunch numbers, my thinking has been that i will allow 350k for the development (175k each for my brother and I). In this I am allowing 300k for the build, 30k for the subdivision of land and connection of utilities and the remaining 20k for cosmetic improvements to the existing dwelling (render, new front fence, driveways.etc).
Obviously if I can reduce this spend then it will mean more money in my pocket at the end :)
So thanks for reading and I really look forward to hearing from people.
Cheers
Ben
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