Hi all,
I am relatively new at Property Investing, and have recently purchased vacant block at a great price. I was wanting to build a duplex on it, (I have checked with the town planner to make sure that this is an option) but I dont really know where to start. Any advice would be greatfully accepted.
Thanks, Jess
For a start, maybe you could check with some project home builders as to their plans and specifications for duplex units. There are sometimes ads in the real estate section of the paper showing a plan and price for a duplex. Get in writing from the council that the block is suitable for a duplex, work out how much money you have to spend, look at duplexs, decide what you want to build, 2 or 3 bedroom or whatever, how upmarket depending on the area and buyers you hope to attract, also enquire at the real estate agents as to prices duplexs are selling for in the same location. Plans have to be drawn up and submitted to the council for approval. Take your plans to a builder and get quotes. Think about whether you intend to market them off the plan, or when they are completed, or rent them, live in one, rent the other, etc. Talk to your accountant re capital gains issues if you are going to sell – maybe sell one this year, one the next year to minimise your tax.
I found a block about 6 months ago – my son who is a builder was too overloaded at the time and my circumstances have changed, but the idea is still an option if the right priced block comes up. He has done some great townhouses in a coastal area.
Anna
Anna,
Thanks so much for your advice, you have been a great help. Would you mind if I emailed you if I got stuck further down the track?
Jess
Jess
Where is your block located?The council will be able to let you know what your building requirements are. You will also need to enquire about council contributions and strata title costs.
I am currently involved in building 10 duplexes in Redcliffe and my builder is charging $730 per sqm to build…this is a turn key price.
I spent months looking for a builder. I started by asking project builders then started to look at other options until I got lucky.
Your profitability relies on you doing as much homework as posssible.
Also research what type of property is in demand before you start…..talk to as many agents as you can.
Good luck.
Regards
Sailesh Channan
http://www.developersedge.com.au
130073 5934
Thanks Sailesh
The block is in Mount Isa, and there is good rental returns there so thats why I’m looking into a duplex.
Jess
Duplexes are great for cashflow and that is why we are involved in developing these ourselves.
Your options for getting a cheap quote may be a bit limited due to your location however, keep looking.
I recieved another quote today from a builder and his price was $1120 per sqm.
Most builders will give you quotes around this range.
I guess I got lucky with my builder at $730 per sqmRegards
Sailesh
http://www.developersedge.com.au
130073 5934
You must be logged in to reply to this topic. If you don't have an account, you can register here.
