gettingthereMember@gettingthereJoin Date: 2003Post Count: 10
Good day everyone,
I have an investment property on a large block and are thinking of knocking it down and subdividing into 2 good size alotments. Does anyone know where i can find some “userfriendly” information about obtaining a development approval? I may even divide and sell the land without an approval but will i lose more profit this way or is a development approval the way to go? Would i have to dell off the plan, and then have the new homes built myself for the new buyer? If so, i would prefer not to knock down until i find a buyer. What type of costs are involved?NessieMember@nessieJoin Date: 2001Post Count: 73
Hi Getting There
You need to find yourself an Architect who lives within the same Council that your property is located. He/She will know all the Council requirements and will be able to give you advice on what is and is not acceptable for your block.
You can obtain some information from your Local Council, however whether you can understand what is means is another thing. It will talk about RES Codes and Overlays, plus vegetation restrictions which the Architect will be able to understand and will know exactly what the plain english version is.
The Architect will also be able to give you estimates of costs.
What State are you from?
In Vic. it is not a matter of just subdividing with out approval. Council still have to approve a subdivision regardless of whether you decide to erect buildings on the land. So you will still need the know the Council regulations and steps to take to get a Council permit.
Again an Architect should be able to guide you on this.
Nessiedr houseParticipant@dr-houseJoin Date: 2001Post Count: 281
This is my strategy in outer east Melbourne:
Buy approx 1000 sqm land with the house to the front and side, to allow for enough rear access.
try and get the house in good condition, as renovating is very expensive and bloody hard work.
Rent out the house.
See a good local draftsman/woman, architects are far too expensive, unless its an upmarket area.
Before you buy, you can ring town planning and they will instantly give you info on whether its a goer. Knox council and Yarra Ranges are willing to send you guidelines if you can understand them.
we now have five such properties, potential profit before tax 500,000.
If you build the house, it will be cash flow positive, because you have brought the land at wholesale price.
Allow 10,000 for devel. costs and some loss of value in the front house.
You need good cashlow and patience, it can take many, many months.YarraParticipant@yarraJoin Date: 2001Post Count: 20
Contact a town planner (look in the yellow pages) & pay the approx $1500 for a feasability study to determine your options & likely outcomes. You may find that once approval & plans are drawn up you could sell your property for far in excess of the costs to do sowayne_2Member@wayne_2Join Date: 2002Post Count: 13
Hi getting there, I would have to agree pretty much with regina’s comments in respect to this matter.However don’t be daunted by the processes they are just another part of doing business and it’s only a matter of getting in and doing it.
What your proposing can be very profitable and exciting as you gain confidence and progress.
My suggestion though would be to make the local council planning dept’ my first port of call and get the good oil from the horses mouth because it’s my experience having been involved in the industry for many years that it will save you a considerable amount of time and effort. If you would like to give me a call send an email to [email protected] with a phone number and I will see if I can help to minimise your concerns.
waynegettingthereMember@gettingthereJoin Date: 2003Post Count: 10
thank u everyone. I should have mentioned i am from adelaide. I have taken your advice. Spoken to my local council and spoken to an architect friend of mine who has done quite afew developments himself and he has filled me in with the basic outline of what to expect. Its not as daunting as i first expected.
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