Hi, I would like to share my first value add project. Hopefully it is useful/informative to some.
Bought a vacant block June last year in Epping, VIC. I engaged CDS to locate a property suitable for development. It was a corner block, 600 sqm. Plan was to build 3x2BR and sell. CDS also assisted with obtaining the planning permit. From memory, we got it approved around September. The block was approved for 2x2BR and 1x3BR.
Prior to going to the next step, I did another research for sale price of new units in the area, and at the same, contacted a local agent to see if anyone was interested to purchase the block with approved plans. Coincidentally, he found a buyer within 1-2 weeks whilst I was still contemplating whether to build or sell. I decided to sell because the profit margin was quite good and at the same time, I didn't have to take the additional risk to build and the extra time. The sale settled earlier this year. I can't remember the exact numbers (I will, when I see my accountant soon).
Hoping to find another site soon and share the story...
Bought a vacant block June last year in Epping, VIC. I engaged CDS to locate a property suitable for development. It was a corner block, 600 sqm. Plan was to build 3x2BR and sell. CDS also assisted with obtaining the planning permit. From memory, we got it approved around September. The block was approved for 2x2BR and 1x3BR.
Prior to going to the next step, I did another research for sale price of new units in the area, and at the same, contacted a local agent to see if anyone was interested to purchase the block with approved plans. Coincidentally, he found a buyer within 1-2 weeks whilst I was still contemplating whether to build or sell. I decided to sell because the profit margin was quite good and at the same time, I didn't have to take the additional risk to build and the extra time. The sale settled earlier this year. I can't remember the exact numbers (I will, when I see my accountant soon).
Hoping to find another site soon and share the story...
