Hi all,
I’ve seen a large block of land, it will probably go for land value despite the 3br house and garage on it (it’s in a very sorry state). I can imagine 3 townhouses built on this land, but I have no idea where to find a builder or what is involved. I am slowly making my way through the wraps library (time !!! – what’s that?), but haven’t found info on this though.
Any ideas?
Soosh
It’s all our imperfections that make us perfect!
Whereabouts are you Sooshie?
Keep smiling
Felicity
Hi Felicity,
I’m in glorious Melbourne, Victoria
Cheers
Soosh
It’s all our imperfections that make us perfect!
We are doing this sort of thing, but also learning.
What part of Melbourne? eg. east suburbs, they like north facing courtyards and approx.350- 400sqm per unit.If the house needs to be removed, you need a demolition order.
Find out what the land value per unit is through local real estate agents, so that you are not paying to much.
Maybe start with the council first, see what has been done in the street, check for covenants and easements, as you usually can’t build over easements.
We have brought reasonable houses with big backyards.
One is just about to get approved for a second dwelling, one we hope to build on and hold and the other, we hope to sell the backyard.
All front houses are sound and are being or have been renovated by us.
If the front house can be saved(or can be renovated),you need at least 3 meter width, side access.
Find a good draughtsperson who is familiar with local councils.
Its fun, also hard work.
ReginaHi Sooshie
You may like to talk to Michael Yardney at:
METROPOLE PROPERTIES
Suite 2, Caulfield Corporate Centre
875 Glenhuntly Rd Caulfield Victoria 3162
Telephone 03 9532 8889 Facsimile 03 9532 8887
Email: [email protected]
He’s been in property development for something like 30 years, and I believe offers a service whereby he can take a look at a site and give you feedback on whether the numbers stack up.
Disclaimer here – although I have been to some of his info nights and spoken with him at length about something my sister was planning, I haven’t personally used his services. But I found him knowledgeable and very helpful.Keep smiling
FelicityWow!
Thanks for the replies [
] ! I didn’t realise there was so much involved [] The auction is this Sat, so I don’t think I have much time to do anything except attend and see what happens. It’s in the Sth Eastern Suburbs on a Main Rd very close to Sthland Shoppingtown. It’s getting increasingly harder to find land that close to Sthland and there has been a large capital gain over the last few years in the area. In fact our house which we bought in March ’99 has doubled in value. Anyway if anyone is interested in going to the auction, let me know and I’ll post the details.Have a good weekend
Soosh
It’s all our imperfections that make us perfect!
Sooshie…
Beware the word POTENTIAL when used in the same paragraph as AUCTION.
Hey Steve et al. Perhaps some tips about what to do at an auction would be handy?
My 2 cents… always ask a question of the auctioneer at the start of an auction that raises doubt about the quality of the property.
For example – “Is that asbestos roofing on the garage?” or “Could you confirm that rates rose in this area by 30% last year etc.?”
Steam Train
Hi there,
Just a quick note to say that the house and land in Cheltnham went for $270K. At 809m2 I guess you could only put two units up. I didn’t bid for it as it’s not my expertise. My hands are tied at present as I promised to be a good girl and not chomp at the bit…
Cheers [
]Soosh
It’s all our imperfections that make us perfect!
Sooshie
good on you for analysing the deal !!! Thinking about it and realising the potential is the hardest thing to do. Excellent ! [^]
I was just wondering about exit strategies such as:
- How much it would cost to build two units on that land and what they would sell for ?
- Build two units and how much they would rent for ?
- Keep existing house and rent it out ?
Does anyone have any clarity or other ideas ???
cheers
the Bruce [
]Hi ‘THE Bruce’ [
]I’m not sure how much to build a unit on this land as it isn’t my area of expertise, however the area is commanding approx $320K for brand new units in that area (that being the minimum end of the spectrum) as I mentioned the area is very close to Sthland Shoppingtown, Bus stops, Nepean Hwy etc. A refurbished flat with 2 br was offered (more like pushed) by a developer for $280K right opposite Sthland in Karen St. I don’t like refurbished places, personal choice.
As for rent in the area, finding good tenants is difficult at this stage (refer to link http://www.personalinvestor.com.au about landlords) or see ‘useful link’ posting. Determining rent is difficult, however between $170-300 pwk is not unreasonable due to position etc.
The property can be seen at http://www.raywhite.com.au the address for the property is 6 Centre Dandenong Rd Cheltenham. Land of 809m2
Keeping the house and restoring it would be costly yet the results would be magnificent as the bedrooms are large, with ornate cellings and cornices, large kitchen and laundry, moderate size bathroom and large living room. Would it be value for money? Not in this climate unless you did it up (refurbish ala Geoff and Paul’s way) and kept it till the next property boom (approx 4-7years time?).
If you kept the existing house as is, if you got a oppurtunistic (help I need a spell check [
]!) tenant, you would have phone calls every day asking to repair one thing or another. What a headache! Or you could rent it out as is, on agreement with the tenant on a reduced price and as Steve mentions, on the anniversary of renting for 1 year without arrears you could improve on something, increasing the value in the house, making the tenant happy and having potential to increase the rent. Everyone’s theoretically happy []!I’m only new to this site Bruce, but hope some of this makes some sense [
] This is all semantics now, as the property sold for $270K and can only be used as a test case. I will however follow the developments on this property and post them at this site as an example. Perhaps Steve can shed some light on this subject. It may even something the ‘Renovation Kings’ could bite their teeth into Have a great weekend
Sooshie (excuse my spelling mistakes..it’s my week spot)
It’s all our imperfections that make us perfect!
Ooops! I meant weak spot [
]!A very very embarrased Sooshie
It’s all our imperfections that make us perfect!
] ! I didn’t realise there was so much involved [
] The auction is this Sat, so I don’t think I have much time to do anything except attend and see what happens. It’s in the Sth Eastern Suburbs on a Main Rd very close to Sthland Shoppingtown. It’s getting increasingly harder to find land that close to Sthland and there has been a large capital gain over the last few years in the area. In fact our house which we bought in March ’99 has doubled in value. Anyway if anyone is interested in going to the auction, let me know and I’ll post the details.
]!) tenant, you would have phone calls every day asking to repair one thing or another. What a headache! Or you could rent it out as is, on agreement with the tenant on a reduced price and as Steve mentions, on the anniversary of renting for 1 year without arrears you could improve on something, increasing the value in the house, making the tenant happy and having potential to increase the rent. Everyone’s theoretically happy [
]!The topic ‘Building’ is closed to new replies.
