How does this work?

Discussion in 'Adding Value' started by mmmggg, 27th Jul, 2011.

  1. mmmggg

    mmmggg Member

    Joined:
    4th Jun, 2007
    Messages:
    62
    Location:
    Adelaide South Australia
    Well here's the deal. I bought a house last Oct corner block you could say. Nothing special about that. However here we are 8 months down the track and the two houses that back onto mine are now on the market. Nothing special about that. The two blocks total 1169m2. Minimum blocks for council are 300m2. So what did I do? Think outside the square. If the potential buyers buy another 35m2 from me that puts them over the required amount for 4 blocks of 300m2 instead of 3 blocks. I have emailed the agent and suggested to him this idea. He is happy to tell any potential purchasers. But then I thought hey why don't I have a shot at this development idea. That way I don't need to buy my land I already own it. But other questions come to mind. How could I convince the bank about the idea? Perhaps a visit to council to run the idea past them would be a good place to start. If they shoot the idea down that ends that. Hmmm? Anything else? The suburb is really cheap I wonder what blocks are selling for anyway b/c mine would be the minimum size. Would I be better to build or just sell the land? Wonder how much it would cost to build and what would that house be? Interesting? Anything else would be helpful too. Thanks in anticipation.