All Topics / Value Adding / ResB / subdivision effecting a val

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  • Profile photo of Jimmy86Jimmy86
    Participant
    @jimmy86
    Join Date: 2013
    Post Count: 46

    Hi all,

    Just a quick question. Im looking to get my PPR on the Gold Coast revalued (after 12 months of ownership) to hopefully unlock some equity. 

    Im just wondering if anyone knows how much, if any, does getting ResB or subdivision approval affect a bank valuation?

    I know it makes for a wonderful sales pitch on a 'for sale add' and real estate agents love promoting it to buyers, but does this have any impact on a bank val?

    and more importantly, should I endure a Painful 25 page council form, if we don't have any plans to subdivide in the coming 5+ years?

    __________________________

    Jimmy

    Future Assist SMSF Specialists | Brisbane | Melbourne | Sydney | Gold Coast

    Jimmy86 | Future Assist SMSF Specialists - Bris | Melb | Syd
    http://www.futureassist.com.au/setupansmsf
    Phone Me

    Self-managed super specialist administrators and advisers

    Profile photo of BallerinaBallerina
    Participant
    @ballerina
    Join Date: 2011
    Post Count: 63

    Hi Jimmy

    When you have approved DA attached to the property it usually moves the property to deveopment site area of marketing. Whether it would really increase the valuation depends on the market you are in. 

    However, reason for my response it is to warn you that Development Permit lasts for 4 years. If not taken (work done}, it simply lapses and in the future all has to be redone from the begining. It can be extended (usually up to 2 years), but it depends on the Council.

    Also, it is much more involved in obtaining the DA then just filling a long council form. You really have to talk to somebody who can give you a whole info on the process and costs involved. Experienced surveyor is a good starting point for a small subdivision.

    Ballerina | Soprano Developments Pty Ltd
    Email Me | Phone Me

    Building Design & Property Development Services

    Profile photo of i-smsfi-smsf
    Member
    @i-smsf
    Join Date: 2013
    Post Count: 15

    Does anyone know approximately how much you would be up for fee-wise for approval on the GC?

    thanks,

    Profile photo of Jimmy86Jimmy86
    Participant
    @jimmy86
    Join Date: 2013
    Post Count: 46

    Thanks Ballerina,

    Do you know how much it would cost and do you (or anyone) have a recommendation for surveyor on the Gold Coast that could assist?

    Jimmy86 | Future Assist SMSF Specialists - Bris | Melb | Syd
    http://www.futureassist.com.au/setupansmsf
    Phone Me

    Self-managed super specialist administrators and advisers

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