I am currently looking at a 3 bed house on acreage IN town in a fast growing NSW country town which has the potential to be re-developed into 5 or 6 strata-titled townhouses. I have checked the zoning with council. Trouble is that because of the vacant land component in the purchase price, the place will be negative geared for a bit - and we all know that negative gearing sux the big one! Although, agistment for livestock is an option to help cover the interest bill...
I am however still considering this one, as the profit post development may be HUGE!
Has anyone done this type of development before?
How can I accurately estimate development costs before actually paying the professionals to do the work??
I am however still considering this one, as the profit post development may be HUGE!
Has anyone done this type of development before?
How can I accurately estimate development costs before actually paying the professionals to do the work??