Hi
Me and my wife planning to buy our first home in February 2011
Im from Victoria, currently renting in Glenroy area
Im Hoping to buy a house with land at least 600+ sqm somewhere in broadmedows
with a view to develop the land and the house in an around 2 to 3 years time
Broadmedows is belongs to the Hume city council , my initial idea is to build a second or third (depending on the size of the land and council approval) HouseUnit and renovate eth existing house
I have several questions to ask if any one can kindly help me with
- who can help me to find out the area im going to buy the land+house will be eligible to develop further eg , council approval to build extra units
- What will be a average cost to build a basic second or third house
- is it possible to get finical assistant to build unittown houses from the banks
- what should be the very first thing I should do before I buy the landhouse to achieve the above goal
As im new to the housing and investment industry and also this will be my very fist house , is it wise thing to go for a such a target ?
please advise and your ideas and opinions are greatly appreciated
thanks
Ross
1: You local council will be able to advise you on how you can develop the land.
2: The only sure way to find out building cost is to get 2-3 quotes from builders because as there are hidden costs on top of the construction i.e. cutting or retaining walls etc. You can get a rough idea of construction costs from http://www.bmtqs.com.au/ConstructionCostCalculator.aspx
3: Yes most lenders will fund both the land purchase and construction.
4: Talk to the local council, speak with your mortgage broker or bank, keep an eye on the posts here because you should get some good replies.
5: Personally I would start off slow and would buy a couple of investment properties before I got into developing. If it were me I would begin with land purchase and start with a house construction. Work your way up to a small townhouse development later perhaps. Maybe I’m conservative, I have seen people come to grief by not realising how involved a project really is. Then again if you are adventurous it might suit you.
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