Looking for some advice maybe on whether this is a good idea or bad, my head says bad just due to my lack of any experience and family, also what would i have to do to find out if it's worth it. Not sure if the right forum.
So a situation has arisen where my partners family have finally realised they need to do something about their finances and effectively downsize. They live in a run down property in the greensborough area. The block is 1/3 Ache so i'm told and it looks like it from the size of the backyard. The house is very run down and would need heavy maintenance to bring it to a state where someone might buy it to live in it. I would think that it would be sold for land and a developer would come in knock it down and just build units on the block.
Currently in the house lives 2 parents (both in 60s) and my partners brother (30) who has yet to move out of home.
Both myself and partner own a house and have some equity and more borrowing capacity.
End game i think i would like to see
4 units on the block
parents in 1 unit, (own it clear)
brother in 1 unit, (pretty sure he has money himself and could get a loan) or (own it clear)
2 units owned by us and either rented or sold.
Getting there is the steps i don't know
a)
Transfer land to us/trust/all 5 of us?
Move them out to rent somewhere for build period.
demolish the entire block
build 4 units
move them back into 2 of them probably the front ones
own/rent the other 2
b)
build 2 in the rear
subdivide and keep their portions and we keep the rest?
demolish the front house
build 2 more
would this also stagger costs?
access to the rear would require demo of the carport and pool first.
Problems with the block
-there is an easement out the back, unsure about if it can be built on or not.
-pretty sure it's part of green belt of some description, not sure how many trees will need to be cleared and if they are allowed to be cleared
-there is a pool that needs to be destroyed, in ground concrete empty with no fence. fence got taken out by storms and the insurance company screwed them.
-the block is not flat, it's a massive slope 20-30 degrees maybe current driveway feels like 45 degrees.
-parents still owe money on the block, and there might be other legal conditions with that debt
sounds messy :S
What i want to know is what do i need to do to work out if i am capable of doing it?
How much would i need to spend to work out if it's viable?
How long would the planning process take? How long would the full project take?
How much would i need to be able to borrow?
Who would i talk to to be able to step me through the process, or even PM the entire project?
people have already done this to blocks in the area so it's likely possible, i just don't know if it's worth all the effort?
Family and money is never a good mix either.
If they did sell up and move somewhere else, either a developer is going to do this himself, or someone will put a new house on the block, so why not do it myself?
So a situation has arisen where my partners family have finally realised they need to do something about their finances and effectively downsize. They live in a run down property in the greensborough area. The block is 1/3 Ache so i'm told and it looks like it from the size of the backyard. The house is very run down and would need heavy maintenance to bring it to a state where someone might buy it to live in it. I would think that it would be sold for land and a developer would come in knock it down and just build units on the block.
Currently in the house lives 2 parents (both in 60s) and my partners brother (30) who has yet to move out of home.
Both myself and partner own a house and have some equity and more borrowing capacity.
End game i think i would like to see
4 units on the block
parents in 1 unit, (own it clear)
brother in 1 unit, (pretty sure he has money himself and could get a loan) or (own it clear)
2 units owned by us and either rented or sold.
Getting there is the steps i don't know
a)
Transfer land to us/trust/all 5 of us?
Move them out to rent somewhere for build period.
demolish the entire block
build 4 units
move them back into 2 of them probably the front ones
own/rent the other 2
b)
build 2 in the rear
subdivide and keep their portions and we keep the rest?
demolish the front house
build 2 more
would this also stagger costs?
access to the rear would require demo of the carport and pool first.
Problems with the block
-there is an easement out the back, unsure about if it can be built on or not.
-pretty sure it's part of green belt of some description, not sure how many trees will need to be cleared and if they are allowed to be cleared
-there is a pool that needs to be destroyed, in ground concrete empty with no fence. fence got taken out by storms and the insurance company screwed them.
-the block is not flat, it's a massive slope 20-30 degrees maybe current driveway feels like 45 degrees.
-parents still owe money on the block, and there might be other legal conditions with that debt
sounds messy :S
What i want to know is what do i need to do to work out if i am capable of doing it?
How much would i need to spend to work out if it's viable?
How long would the planning process take? How long would the full project take?
How much would i need to be able to borrow?
Who would i talk to to be able to step me through the process, or even PM the entire project?
people have already done this to blocks in the area so it's likely possible, i just don't know if it's worth all the effort?
Family and money is never a good mix either.
If they did sell up and move somewhere else, either a developer is going to do this himself, or someone will put a new house on the block, so why not do it myself?
