Want To Subdivide. Need Help.

I would like some help with my plan.

I have never subdivided before and I plan to subdivide between 2 properties.

I own two properties next door to each other, they are both victorian terrace homes.
They both have a parcel of land on the side of the house which in total is 5m wide.

Please see pic
http://yfrog.com/g4105442395ml1229785801j

I have seeked some advise from a draftsman and he has told me it will be very easy to build a property in between these properties.

By selling the two properties as is, I will be able to get around $700,000 each.
I intend to get the plans and permits approved in advance for the subdivided land so the potential buyers of the other 2 properties know what is going to be built there.

I understand that this plan will impact on the sale price of the properties as they will lose the extra land and become attached to the new building.
I anticipate the sale price may be in the low 600Ks.

My concern is am I going to find it hard to sell these properties because of the plans in place.
I will try best to design the new property to blend in with the other two.
The location is in hawthorn, and the street is ok.

By selling two properties they should sell for $1.4m combined
By selling two without the side land say $1.2m combined
$250k to build new place.
Should be worth $800k.
Could I please have some feedback, I am new to this.
Thank you.
 
You need to have a chat with a land surveyor, pick one that works in your council area so they know the quirks of your council. Most should give you 1/2 hour on site to have a chat and see if they can assist for free also gives them a chance to see the job and decide if they want to do it.

Cheers.
Graeme
 
Nofx, you have to sell the two dwellings before you build the new one?
It may be a case that the existing buildings will be worth more with the new one completed. A lot of people like the devil they know........

Gools
 
I would like some help with my plan.

I have never subdivided before and I plan to subdivide between 2 properties.

I own two properties next door to each other, they are both victorian terrace homes.
They both have a parcel of land on the side of the house which in total is 5m wide.

Please see pic
http://yfrog.com/g4105442395ml1229785801j

I have seeked some advise from a draftsman and he has told me it will be very easy to build a property in between these properties.

By selling the two properties as is, I will be able to get around $700,000 each.
I intend to get the plans and permits approved in advance for the subdivided land so the potential buyers of the other 2 properties know what is going to be built there.

I understand that this plan will impact on the sale price of the properties as they will lose the extra land and become attached to the new building.
I anticipate the sale price may be in the low 600Ks.

My concern is am I going to find it hard to sell these properties because of the plans in place.
I will try best to design the new property to blend in with the other two.
The location is in hawthorn, and the street is ok.

By selling two properties they should sell for $1.4m combined
By selling two without the side land say $1.2m combined
$250k to build new place.
Should be worth $800k.
Could I please have some feedback, I am new to this.
Thank you.
I would not worry about the building costs too much,what i would be doing is looking at the price to split the blocks first up,i'm not good at maths but just looking at the numbers,and if you have not done this before then !1.4 mill worry free and just walk away and leave that part about future development in the deal for the next person,good selling factor,not everyone that splits properties makes money..imho..willair..
 
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