Morning all, just after a few opinions on our current situation.
We own a 1012sqm block in Quakers Hill (Near Blacktown in Sydneys West). It is near the station and is quite a built up area now. Our neighbour has got us and 3 off our neighbours together and started talking to developers to sell all 4 blocks together.
So far they have offered $810,000 per block which is a very good price (considering we paid $390,000 only 5 years ago). My question is how hard do you think it would be to do the development our selves? Considering construction costs would be in the 4 to 5 million dollar range.
Do you think it would be beneficial to spend the money on getting the DA and then trying to get finance for someone to build? It would be somewhere in the range of 24 - 30 units/town houses.
One of the neighbours have no money and make very little, but they own the land outright. Another neighbour makes good money and owns the land outright. We owe $300,000 and are both on high income. The 4th neighbour still owes about $250,000 and has ok income.
Pocket the easy money or take the hard route and try and make more? All opinions welcome.
Thanks, Daniel
We own a 1012sqm block in Quakers Hill (Near Blacktown in Sydneys West). It is near the station and is quite a built up area now. Our neighbour has got us and 3 off our neighbours together and started talking to developers to sell all 4 blocks together.
So far they have offered $810,000 per block which is a very good price (considering we paid $390,000 only 5 years ago). My question is how hard do you think it would be to do the development our selves? Considering construction costs would be in the 4 to 5 million dollar range.
Do you think it would be beneficial to spend the money on getting the DA and then trying to get finance for someone to build? It would be somewhere in the range of 24 - 30 units/town houses.
One of the neighbours have no money and make very little, but they own the land outright. Another neighbour makes good money and owns the land outright. We owe $300,000 and are both on high income. The 4th neighbour still owes about $250,000 and has ok income.
Pocket the easy money or take the hard route and try and make more? All opinions welcome.
Thanks, Daniel