Hello!
I am currently looking at possible development sites that have a house (to renovate) and land at rear for a possible units to be built. say 800-1100ms parcel of land.
I have some investments but new to developments. Just wanted some help with what to look for?, what checks to get ie: zoning, water sewer plan? evements? ect. who do I talk to about how many units will fit on land and costing? draftsman? or builders? Any other help would be so very appreciated!!Thanks in advance. Heidi
Hi Heidi, you should speak with your town planner to understand the zoning, height and setback allowances for the property, plus they can generally help you look into any challenges you might have with services (ie sewer, water stormwater), but depending on the site you may need further advice from a civil engineer. Either way, the town planner should be able to advise.
Armed with the info from your planner you should speak with a designer – either an architect or building designer. Many draftys also understand the planning schemes.
Costing wise, yes, speak with a builder but it can be quite a difficult question to answer. You will need to know roughly how big these units will be (something you should clarify when speaking with the architect/building designer). Other main things that effect construction price are the contours of the site (ie does it slope, which way, how much), the specification levels for your end product (there are many decisions to make here such as are you using stone benches, how thick are they, will you be having full height tiles in the bathrooms, the list goes on), size, if there will be any retaining required, extent of driveways and landscaping.
Good luck with it Heidi.
Hi,
I’m also in the same situation as you. I have come across a site that has the potential to build 5 units. I’m looking for help to do a detailed financial feasibility to forecast a conservative resale price. I need to make an offer soon.Heidi, where are you looking.
we have two sites at the moment and one took 12 months to get planning approval and one the second the council rejected after advertising (with no objection) for some unknown reason. This is Noble PArk we we have done 20 plus developments – this is repeated everywhere.
I am now getting sick of it and like most developers buying sites with plans and permits so we can dig immediately. Actually today signed one that is currently at advertising stage and pretty cheap with a ‘subject to’ plans and permits approved and we are saving a fortune in drawings and patience. If you have time its great, however, you may be paying interest on the property sitting vacant. Few years ago we would have plans and permits in 3 months no worries.
Some food for though…
Cheers Ivan
Redwood | REDWOOD | SMSF | PROPERTY | FINANCE
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Hi Redwood, would you say in general terms that one would pay a decent premium for a property that already had approved plans and permits, over one that didnt?
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