OK so i know its still very early days but i thought it would be interesting to diary from beginning to end this development here and I know the feedback from you guys is awesome. So here I go.
Yes it early days but my offer has been accepted and I am in the middle of a cooling off period to settle on a place that will be demolished and building a duplex. Without giving away too much (yet) as you never know who is reading this, the site is in Sydney, an area thats gentryfying and home owner dominated. A family and quiet area located about 18 kilometres north-west of the Sydney CBD
I am in the process of getting a surveyor and hydrolics engineer to the site to make sure there is no major issues with stormwater etc, before the cooling off period ends. If all goes well with the report I will not recind and go ahead with the purchase. Exciting times!
Zoning, frontage, land size: Meets the council criteria for dual occupancy build. Lots of similar in the area. 4.2.2
Very early feaso:
Land size: 790sqm (to the eye the land looks fairly flat)
Land: 739k
Construction: 500k (med specs)
interest: 50K
Consultants: 40k
Building designer 8k
Land surveyor: $1995
legal:3000
S94: 7500
DA, BA, CC: 10k
Demolition:15k
Selling fees: Nil
contingency: 18k
Rough TDC: 1,390,500
Toal sales: 1,700,000 (based on todays figues not counting any possible future price growth)
Approx return on TDC: $309,500
Approx margin: 22.2%
I intend to hold both. no PM fee as i will PM it. Rental return for similar new in the area is 650-700.
l'll keep you guys updated as things unfold. Fow now, I hope i get a good report from the engineer! Let me tell you, it was a NIGHTMARE to get this surveyor in to do a report 1 week before xmas as most said no time. Stress levels were high. Off to bed.
Night.
Sesster
Yes it early days but my offer has been accepted and I am in the middle of a cooling off period to settle on a place that will be demolished and building a duplex. Without giving away too much (yet) as you never know who is reading this, the site is in Sydney, an area thats gentryfying and home owner dominated. A family and quiet area located about 18 kilometres north-west of the Sydney CBD
I am in the process of getting a surveyor and hydrolics engineer to the site to make sure there is no major issues with stormwater etc, before the cooling off period ends. If all goes well with the report I will not recind and go ahead with the purchase. Exciting times!
Zoning, frontage, land size: Meets the council criteria for dual occupancy build. Lots of similar in the area. 4.2.2
Very early feaso:
Land size: 790sqm (to the eye the land looks fairly flat)
Land: 739k
Construction: 500k (med specs)
interest: 50K
Consultants: 40k
Building designer 8k
Land surveyor: $1995
legal:3000
S94: 7500
DA, BA, CC: 10k
Demolition:15k
Selling fees: Nil
contingency: 18k
Rough TDC: 1,390,500
Toal sales: 1,700,000 (based on todays figues not counting any possible future price growth)
Approx return on TDC: $309,500
Approx margin: 22.2%
I intend to hold both. no PM fee as i will PM it. Rental return for similar new in the area is 650-700.
l'll keep you guys updated as things unfold. Fow now, I hope i get a good report from the engineer! Let me tell you, it was a NIGHTMARE to get this surveyor in to do a report 1 week before xmas as most said no time. Stress levels were high. Off to bed.
Night.
Sesster
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