Thanks, and yes Joel from Land Division has been very good.
An update on this project -
Will be demolishing the house next week. Neighbours have been advised.
Received documentation pertaining to strata which now needs to go to the bank to sign off on.
Bank valuations were organised 1 month or so ago on the 2 blocks and they were much higher than expected. The only issue is all this paperwork/red tape so time consuming.
Joel, surveyor said I saved about 6 weeks in time by getting them to re peg early so they could continue to proceed with their stuff ie meeting the WA Planning conditions. Time is money (holding costs). Only problem is if the demo crew run over the pegs then I am up for $400 to re peg, better $1800 (holding costs) per month I guess.
Have organised a fencing contractor and once the house is demolished fencing goes up and on the market, sales will of course be subject to issue of title.
I have organised a couple of house designed from Ventura (no cost) as part of the sales pitch, at least this way potential buyers can visualise what will fit on the block.
Blocks have been flying out the door and my point of difference is that the blocks are large enough 400 sqm so no need to build a double storey, and frontages are larger than the norm.
I do not yet have the final figures but I would say head works, demolishing etc for this project will come in at around $50,000.
Time frame - settled on 20 May 2014 (rented back to seller 6 month lease)
Titles should be ready by December/January 2015
Approximately 8 months turn around
Side issue and interesting element to this project which I was toying with
This house in Kardinya is huge 5 bedrooms and 2 kitchens, needed about $60,000 renovation and could have been converted into 2 rental homes. Its a corner lot, with 2 separate entries. The owner ran out of steam/hard times and did not complete the project and it was very much run down.
So there was another option, renovate and rent out
Configuration would be
2x1 bedroom - $450 per week rent
3x1 bedroom - $550 per week rent
Total costs for this project - purchase price/stamp duty, renovation
$670,000
Rental income pw - $1000 per week.
This would not include organising separate meters.
Anyway its academic now as I made the choice to sell, its not often you come across properties which provide a number of options.
MTR
An update on this project -
Will be demolishing the house next week. Neighbours have been advised.
Received documentation pertaining to strata which now needs to go to the bank to sign off on.
Bank valuations were organised 1 month or so ago on the 2 blocks and they were much higher than expected. The only issue is all this paperwork/red tape so time consuming.
Joel, surveyor said I saved about 6 weeks in time by getting them to re peg early so they could continue to proceed with their stuff ie meeting the WA Planning conditions. Time is money (holding costs). Only problem is if the demo crew run over the pegs then I am up for $400 to re peg, better $1800 (holding costs) per month I guess.
Have organised a fencing contractor and once the house is demolished fencing goes up and on the market, sales will of course be subject to issue of title.
I have organised a couple of house designed from Ventura (no cost) as part of the sales pitch, at least this way potential buyers can visualise what will fit on the block.
Blocks have been flying out the door and my point of difference is that the blocks are large enough 400 sqm so no need to build a double storey, and frontages are larger than the norm.
I do not yet have the final figures but I would say head works, demolishing etc for this project will come in at around $50,000.
Time frame - settled on 20 May 2014 (rented back to seller 6 month lease)
Titles should be ready by December/January 2015
Approximately 8 months turn around
Side issue and interesting element to this project which I was toying with
This house in Kardinya is huge 5 bedrooms and 2 kitchens, needed about $60,000 renovation and could have been converted into 2 rental homes. Its a corner lot, with 2 separate entries. The owner ran out of steam/hard times and did not complete the project and it was very much run down.
So there was another option, renovate and rent out
Configuration would be
2x1 bedroom - $450 per week rent
3x1 bedroom - $550 per week rent
Total costs for this project - purchase price/stamp duty, renovation
$670,000
Rental income pw - $1000 per week.
This would not include organising separate meters.
Anyway its academic now as I made the choice to sell, its not often you come across properties which provide a number of options.
MTR
