Hello all,
I have noticed a lot of people post their developments in here and would also like to provide my information. I would also like to get peoples input etc, as this is my first building development.
We (Me and my fiance) bought a property in Toowoomba which has a house on the front left, and DA approval for mixed housing down the back for 315k. The house is a small 3 bedroom place with renovated kitchen, bathroom and toilet. The land down the back has access via a new 6m driveway.
There has been a lot configuration approval to sub-divide the two block of land into 319m2 (current house) and 692m2 (duplex development).
We have approached a number of builders within Toowoomba to get quotes for a duplex. I provided all the builders with my desire to build under $1000 per square metre. We provided a rough design and got some quotes back, got some builders saying they didnt want to touch it and got a great building company which provided us a great new plan. The building company is currently drawing up the design for free and will submit it to us with the quote. Hopefully under $1000m2.
Looking at finance for the construction at the moment. I'm hoping Suncorp can come up with the goods.
We have some decisions to make in regards to after the build. Do we sell the current house which is on the 319m2 land for around 230k and have the positively geared duplex making us money. Or do we sell the whole lot?
Anyway I will keep you all posted on the outcomes. Would love any questions or advice on duplex developments.
Thank you all.
I have noticed a lot of people post their developments in here and would also like to provide my information. I would also like to get peoples input etc, as this is my first building development.
We (Me and my fiance) bought a property in Toowoomba which has a house on the front left, and DA approval for mixed housing down the back for 315k. The house is a small 3 bedroom place with renovated kitchen, bathroom and toilet. The land down the back has access via a new 6m driveway.
There has been a lot configuration approval to sub-divide the two block of land into 319m2 (current house) and 692m2 (duplex development).
We have approached a number of builders within Toowoomba to get quotes for a duplex. I provided all the builders with my desire to build under $1000 per square metre. We provided a rough design and got some quotes back, got some builders saying they didnt want to touch it and got a great building company which provided us a great new plan. The building company is currently drawing up the design for free and will submit it to us with the quote. Hopefully under $1000m2.
Looking at finance for the construction at the moment. I'm hoping Suncorp can come up with the goods.
We have some decisions to make in regards to after the build. Do we sell the current house which is on the 319m2 land for around 230k and have the positively geared duplex making us money. Or do we sell the whole lot?
Anyway I will keep you all posted on the outcomes. Would love any questions or advice on duplex developments.
Thank you all.