Hi All
I am, presently looking at a renovated 4 bedroom home on a 1100 sq metre block within walking distance of Coffs Harbour CBD for $455k. There is current development approval for a second dwelling (2 storey 4bdr, 2 bath, double garage) dwelling to be placed at the rear of the existing dwelling.
The rental return on the existing property is in the vicinity of 440-450 per week and an estimated sale price of the 2nd dwelling of @ $445k. estimated total cost @ $700k
I am looking at purchasing and progressing the development as approved, and selling the new home on completion and retaining the existing house which will be CF+.
Any thoughts. This will be my first development / value add. I have been in property investing in excess of 10 years with properties in NSW QLD
Many thanks
Do you have a realistic budget for construction, subdivision & council s94? Does it still stack up after gst is borne in the deal?
My team – Accountant, Solicitor are doing the final detail but looks good;. Will be looking at putting a deal together if the final $$ reflect the work we have already done
You must be logged in to reply to this topic. If you don't have an account, you can register here.
