All Topics / Heads Up! / how to do the property develpoment

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  • Profile photo of bhuiyanbhuiyan
    Participant
    @bhuiyan
    Join Date: 2006
    Post Count: 8
    November 16, 2006 - 3:08 am

    Hi

    I bought a property in East Bentleight in melboune, where there is a existing house.
    my plan is to demolish that to built two new townhouse, i have never done any development. My conern how do I start.

    I have learned that I needed to do town planning,drawing,enineering,soil test, builting permit, sub division

    Could any one who has done same project, can advise me

    Zaman

    Profile photo of manofactionmanofaction
    Member
    @manofaction
    Join Date: 2003
    Post Count: 80
    November 18, 2006 - 12:23 am

    Zaman,

    I’ve never done a development myself but through my business and personal connenctions, I know they are complex things to do. No doubt you are aware of this yourself.

    Don’t let greed (or ego) cloud your decisions by wanting to “do it all”. Even the experts know what to farm out to other experts.

    So you have three choices;

    1) Start from scratch and learn and you go.

    2) Get somebody experienced to join you in the project and share the spoils.

    3) Contract out all major tasks to professionals. Your role is simply to manage them.

    If it was me and my first venture into this territory, I would have no hestitation to use 3) and engage the professionals.

    Whilst it would eat into my profit, it would enable me to “watch and learn” from their systems and greatly reduce my risks.

    But that’s just me.

    Here’s a question to ask yourself… “How much of the profit you don’t have are you prepared to give up?”

    PS; It might be worth giving Michael Yardney a call at Metropole

    John Blackburn
    http://www.propertybooks.com.au

    Profile photo of AmandaBSAmandaBS
    Participant
    @amandabs
    Join Date: 2005
    Post Count: 549
    November 18, 2006 - 4:55 am

    There’s a couple of great books that will help you get started:
    Australian Residential Property Development – Ron Forlee
    Smarter Property Development – Peter Cerexhe

    Also the website at http://www.propertydivas.com.au has a checklist and several articles on subdivision and property development that should point you in the right direction.

    If you’d like to get someone else to manage the job for you then perhaps Michael Yardney at Metropole Properties in Melbourne is your man. He’s also a member here so drop him a PM.

    Good luck, property development requires lots of patients and careful planning to be successful.

    Amanda
    “It is better to be inconspicuously wealthy, than to be ostentatiously poor…”

    Profile photo of MITMIT
    Participant
    @millionaire-in-training
    Join Date: 2004
    Post Count: 154
    November 21, 2006 - 2:00 pm

    Hi All
    Another way to approcah it is to discuss the process with a surveyor or a specilaised local Development consultant ( I wasn’t thinking Michael Yardney as I don’t pursue his theories). I have hired one in Adel and it is only costing me about $550 for their services plus all the assoc costs of course.

    Regards
    Sue

    MIT | Owen Real Estate
    Email Me

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