Hi All
I would really appreciate any feedback/advice/opinions on whether this is a good idea we have a few investment properties but this will be our first development (SCARY!)
In Adelaide wanting to subdivide and develop a block into 3 townhouses (hopefully sell 1 keep 2)
Land - $430,000
subdivision and demolition - $51,000
planning stuff - $17,000
development approval - $12,000
Construction costs (and external works) - $616,000
contingency - $50,000 ?
Total- $1,176,000
guesstimate would be valued at $450,000 each (total $1,350,000)
keep 2 rented at again guesstimate @$450 a week
This doesn't take into account interest for loans
Can someone please explain to me what the costs involved / tax implications selling one of the town houses?or point me in the right direction as we would try sell it before to assist with construction costs.
I would love to hear other from others that have done developments whether we should go ahead and do this or not? is it feasible and worth doing?
thanks in advance
I would really appreciate any feedback/advice/opinions on whether this is a good idea we have a few investment properties but this will be our first development (SCARY!)
In Adelaide wanting to subdivide and develop a block into 3 townhouses (hopefully sell 1 keep 2)
Land - $430,000
subdivision and demolition - $51,000
planning stuff - $17,000
development approval - $12,000
Construction costs (and external works) - $616,000
contingency - $50,000 ?
Total- $1,176,000
guesstimate would be valued at $450,000 each (total $1,350,000)
keep 2 rented at again guesstimate @$450 a week
This doesn't take into account interest for loans
Can someone please explain to me what the costs involved / tax implications selling one of the town houses?or point me in the right direction as we would try sell it before to assist with construction costs.
I would love to hear other from others that have done developments whether we should go ahead and do this or not? is it feasible and worth doing?
thanks in advance