I see that a lot of DD needs to be undertaken before buying a proposed rezoned property if you are looking to develop it in the future.
What I want to know is, how are you able to do all the dd that is involved and be able to put that offer down so fast. By the time I would have done my dd on a potential development block and found it meets my criteria the property would have sold and settled.
Some of you are putting an offer down immediately as they get snapped up so fast and you have to be fast! Are you taking a punt on the property being suitable? Do you get a builder/surveyor/planner out to look at the property and how does that work when you have a deadline to put an offer in? Have you done so many that you can quickly do a feasibility off the top of your head.
I'm assuming maybe you would put a bunch of conditions in the contract so if the building inspections don't pan out the way you hoped then you can back out of the deal or negotiate a lower asking price if for example costly work needed to be undertaken. The seller might not want to accept your offer though with all those conditions, but you would need to have them written into the contract to cover your back. ??
What would you recommend a beginner do? Shall I do some practice runs first so I get quicker? I will need to learn how and what dd needs to be done and get reasonably good at it as I wouldnt want to make too many mistakes as it would cost money. I guess I just have to jump in and that's how I'll learn.
I'm seriously thinking of buying a house that is proposed for rezoning, hold it short term, put in a DA in a few years time to release some equity & then either sell off the vacant land lot at the back and keep the front house, or even sell both, or another option is to get the da approved and then see how much the property is worth with the idea to sell it or release the equity for a new ip. Maybe a Reno on the house. There's a few options there. I'm wanting to create some equity this time around rather than the straight buy wait and hold.
Looking forward to hearing from everyone and please be gentle, I'm on my l plates, well not even those, I'm in my nappies and have a lot to learn.
Thanks!
What I want to know is, how are you able to do all the dd that is involved and be able to put that offer down so fast. By the time I would have done my dd on a potential development block and found it meets my criteria the property would have sold and settled.
Some of you are putting an offer down immediately as they get snapped up so fast and you have to be fast! Are you taking a punt on the property being suitable? Do you get a builder/surveyor/planner out to look at the property and how does that work when you have a deadline to put an offer in? Have you done so many that you can quickly do a feasibility off the top of your head.
I'm assuming maybe you would put a bunch of conditions in the contract so if the building inspections don't pan out the way you hoped then you can back out of the deal or negotiate a lower asking price if for example costly work needed to be undertaken. The seller might not want to accept your offer though with all those conditions, but you would need to have them written into the contract to cover your back. ??
What would you recommend a beginner do? Shall I do some practice runs first so I get quicker? I will need to learn how and what dd needs to be done and get reasonably good at it as I wouldnt want to make too many mistakes as it would cost money. I guess I just have to jump in and that's how I'll learn.
I'm seriously thinking of buying a house that is proposed for rezoning, hold it short term, put in a DA in a few years time to release some equity & then either sell off the vacant land lot at the back and keep the front house, or even sell both, or another option is to get the da approved and then see how much the property is worth with the idea to sell it or release the equity for a new ip. Maybe a Reno on the house. There's a few options there. I'm wanting to create some equity this time around rather than the straight buy wait and hold.
Looking forward to hearing from everyone and please be gentle, I'm on my l plates, well not even those, I'm in my nappies and have a lot to learn.
Thanks!
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