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dynamic di
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@dynamic-di
Join Date: 2004
Post Count: 7
February 4, 2006 - 9:18 am
I have owned units and houses. Overall if I had my time over, I would stick with houses. The value is with the land and although the yield is more attractive with units, long term you get bigger gains with houses.
So, you need to consider what you are buying the 1bdr unit for? +CF or CG? I live in the inner west and familiar with price values, meaning you probably are not looking at a +CF proposition. Search wider and compare what else you can buy.
Happy Hunting
Diana
dynamic di
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@dynamic-di
Join Date: 2004
Post Count: 7
February 4, 2006 - 9:06 am
Have a look at http://www.homepriceguide.com.au and http://www.residex.com.au . They offer reports which will provide background info on how the suburbs has performed and some prediction on how it may perform in the future.
It will be valuable for you to have this information prior to buying, as it can also provide you with recent sales info as well.
Cheers.
Happy Hunting
Diana
dynamic di
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@dynamic-di
Join Date: 2004
Post Count: 7
January 25, 2006 - 2:12 pm
From my own experience, I would be hard pressed to consider buying one. We bought a serviced apartment in Sydney nearly 5 years ago for @227K, 1 bdr plus carspace and a guaranteed net rent of 6%. No one has been able to sell their apartments until recently at a discounted price of $210K. The new rental guarantee will be 4%-5%.
We are trying to offload our apartment and will be discounting it heavily for a quick sale. A lesson learnt for us, but moving on. Fortunately it is the only serviced apt we have and all our other properties have done well.
Just be very careful with what you are buying.
Happy Hunting
Diana
dynamic di
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@dynamic-di
Join Date: 2004
Post Count: 7
December 21, 2005 - 1:13 pm
I am currently doing my first subdivision in Brisbane and it has been a very challenging experience and still is. Just going ahead and buying it without more research could get you in a lot of strife.
As Michael mentioned, there are so many things that can go wrong and it is best that you are aware of them. I am presuming the land is zoned to accept dual occupancy?
My subdivision involves moving relocatable homes and it is a lot more to deal with than just building a new home. Finance is also tricky,so make sure you have this sorted out before you go ahead.
Good for you for taking courage, but it would benefit you to talk to someone like Michael. Unfortunately for me, I wasn’t aware of his services when I started mine.
So far, I have managed to keep my head above water and looking to finish my first home by early February. I am relocating and renovating one home whilst I wait for the seal of titles. Cross fingers the second home will be finished by the end of March.
Although there is little profit in this project – I have learnt a lot, the hard way.
Happy Hunting
Diana
dynamic di
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@dynamic-di
Join Date: 2004
Post Count: 7
October 27, 2005 - 1:12 pm
In response to your questions.
1. How long did it take to get 100% approval and complete subdivision?
This is dependant on council and what you intend to do with the existing house. With my lack of knowledge, I didnt realise this and it delayed my DA by months.Just say it was a straightforward DA, there is a backlog in Brissie and can take up to 6 months. There is another step after this, which again I wasnt knowledgeable about. To split the block into 2 lots, you need to seal and register the titles. Depending on the conditions placed by council it can take up to 6 months. You cannot get the titles unless you meet the conditions. Be conscious that you will be up for more costs, not included in the DA. I had lots of angst and headaches with this project, but no pain no gain. I made several errors and judgement with this project, but I have learnt a whole lot more.
2. Is possible to find out if property can be subdivided before purchase? And again what is the time frame.?
The council will tell you if there are any restrictions, but advisable to read the material (from council)on the conditions which need to be met for subdivision. For my purchase, I placed a due diligence clause that it was subdividable. I engaged my townplanner to do a feasibility study to ensure there were no obstacles. Timeframe is dependant on busy the townplanner is to do the job, only takes them a few days work and you get a report.
Cheers and good hunting.
Diana
dynamic di
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@dynamic-di
Join Date: 2004
Post Count: 7
October 24, 2005 - 12:13 pm
Hi Pete,
I am currently doing this at the moment, but in Brisbane. It is more complex than building a new home and requires a lot of coordination. It is my first foray and have found it very challenging. Whatever the end result, it is worth it as I am learning a lot and keen to progress as a property developer.
Not including costs for the DA and conditions attached plus council contributions – the house cost $42K; for relocation, raising house and restumping $23K; buidling renovation $40K; and still waiting for quotes for plumbing, electricity, concreter. Will end up with 3 bdr, 1 bath, double garage and future potential to build downstairs.
Cheers and happy hunting.
Diana
dynamic di
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@dynamic-di
Join Date: 2004
Post Count: 7
October 24, 2005 - 11:38 am
I am now in the final stages on my very first subdivision in Brisbane. As a novice, I went to the council and asked their advice and picked up any material on how to do a subdivision. They were quite helpful, although I didn’t understand a lot of it. Much more costly, I have used townplanners to go through the process for me and to be able to learn.
For me, it has been very challenging but if this is the direction you want to go, you need to take the plunge at some point. Good idea to do your research and find someone who has done a subdivision in the area you are interested, who will share their experience with you.
Cheers and happy hunting.
Diana