Developing: How did you learn to?

[SupaRex]

Hi Everyone,

I have a couple of IP's now, and while I'm not currently in a position to, I'd like to one day do a development. If I had the money now, there was (what I consider) a block perfect for future development. It was 1060m2 and had an old house on it. You could have built three units on it as is, or bulldozed the old house and put more units on there.

My actual question is: How did you learn what is required/involved in a development?

By that I mean, how/where did you learn what sort of permits are required from council, choosing a builder/architect, how to crunch the numbers etc?

What are the steps in a development? ie: First step - locate suitable property, second step - get council approval, third step - get plans drawn up etc.

Cheers,
SupaRex

 

[Player]

Hi Everyone,

I have a couple of IP's now, and while I'm not currently in a position to, I'd like to one day do a development. If I had the money now, there was (what I consider) a block perfect for future development. It was 1060m2 and had an old house on it. You could have built three units on it as is, or bulldozed the old house and put more units on there.

My actual question is: How did you learn what is required/involved in a development?

By that I mean, how/where did you learn what sort of permits are required from council, choosing a builder/architect, how to crunch the numbers etc?

What are the steps in a development? ie: First step - locate suitable property, second step - get council approval, third step - get plans drawn up etc.

Cheers,
SupaRex

Hi SupaRex,

I was going to refer you to another thread, however realised that it is one you had started.

Search the Adding Value Gallery for more info.

Three books that may help you:

1. Residential Real Estate Development by Bob & Luke Andersen.
2. Australian Residential Property Development by Ron Forlee
3. 7 Steps to Accelerated Wealth by John Fitzgerald.

Australian Property Investor magazine has been running a series on property development so if you subscribe or can somehow get back issues of them they will help you.

Try and get to know a developer who is doing (or has done) that which you intend to do in the future. Follow their steps.

Council websites also give some informatiopn as to the process. There will always be variations between projects and council, states, etc. however their town planners can also be a help to your learning.

I had posted more earlier, however some cyber burglar took my post ..... it evaporated. Hope this one saves.

 

[sparky23]

Hi Suparex and welcome to the forum.

The easiest way is to look for a project builder that specialises in duplexes. They will look at your selected block and if they don't have a design to suit, depending on the builder, you can pay them to come up with a suitable design and you can be involved in that process, it may cost as little as $1500 for them to do that for you. From then on in they should be able to complete the whole process for you, just as though you were building a single house. If there are any steps that are your responsibility they should give you a list of what those steps are at the start of the the job.

For your first time this will stop you from making too many mistakes and if you stay closely involved with the project you will learn in case you want to do the whole thing yourself next time. Personally when I can get other people to take on the headaches all that paperwork brings I am happy to do so!

Otherwise your best bet would be to speak to Michael Yardney from Metropole and they can take you through the whole process, website is: http://www.metropoleprojects.com.au/

Good Luck!

 

[SupaRex]

Hi Guys,

Thanks for your responses.

@michaelparis - I thought about posting my question in my other thread, but that was more about why people buy rather than develop, so I didn't want to hijack my own thread!

@sparky23 - Thanks a lot