Corio Property- subdivision of land to build a new unit in back yard.

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bythebay
Participant
@bythebay
Join Date: 2010
Post Count: 14
July 3, 2011 - 7:07 am
Corio investment property, rented out with a fantastic tenant at $220 p/week. (existing ex commision home, 3 bed…735 sqm land size). amount owing on mortgage is $40.000k
Wondering about costs associated with planning to build an additional 2bd unit in the back yard. or should i build two? as i do not want to overcapitalise. If so would it be worthwhile doing this in the corio area? located near corio village shopping centre, just off bacchus marsh rd. Any thoughts?
Jacqui Middleton
Participant
@jacm
Join Date: 2009
Post Count: 2,539
July 3, 2011 - 11:34 pm
You'd easily burn through a figure in the order of $150k to build in the backyard, and that will not include the creation of the driveway, fencing etc.
Remember that you require a driveway width of minimum 3metres for the rear property to utilise.
If you intend to subdivide, double check with council the minimum block sizes for the area and ensure your two resulting blocks will comply.
Talk to Barwon Water to understand if there are any pipes under the ground that would prevent building and/or subdivision. Have the same conversation with council and a local surveyor.
Jacqui Middleton | Middleton Buyers Advocates
http://www.middletonbuyersadvocates.com.au
Email Me | Phone Me
VIC Buyers' Agents for investors, home buyers & SMSFs.
aftab
Participant
@aftabk
Join Date: 2016
Post Count: 9
December 6, 2016 - 10:54 pm
Hi there,
I am looking to invest in Corio, VIC. Please let me know how your experience has been. I have a budget of around 200K and looking to buy a 2Bed room unit. Is this area and Norlane safe to invest?
Any thoughts anyone?
- This reply was modified 7 years, 5 months ago by aftab.