What can i do? - prior to settlement

[Oscar13]

Hey guys,

I'm no seasoned property investor or developer... but have a couple of properties to my name, and one previous subdivision.
But, I just purchased a property in Adelaide with a 10 week settlement period which the vendor wanted, and was fine by me.
I am planning to get the subdivision underway as soon as possible, but just wanted to know what I can do in terms of the planning during this period.

I have tried to search through other threads (not thoroughly ) but haven't found any information on what actions I can take while not "owning" the property.

Appreciate all advice and information.

Thanks

 

[vaughan]

There is a small but real possibility that the sale might fall through: the vendor dies, becomes incapacitated or bankrupt are the most common. The settlement could also be delayed. So only spend time and money that you are happy to lose if the sale goes through or is delayed.

(There was a post recently about somebody who signed up a tenant for the day after settlement, then had the settlement delayed by the vendor. Oops.)

 

[roypropertyinv]

A timely word of caution from this thread...

http://somersoft.com/forums/showthread.php?t=106820

 

[Brady]

I would be doing as much as you're comfortable with. Time will be money after settlement, not sure what sort of borrowings your going to have but likely cost $1000+ each week after settlement. I would be trying to get my figures as close as possible, thats assuming you haven't already.

- Speak with council. Talk to them about your plans, ask them if they see any obvious issues which you might need to overcome

- Speak with draftee/architect/builder. Talk to them about your plans, ask them if they see any obvious issues which you might need to overcome. Ask them for rough quotes

- Speak with engineer. get quotes for soil test, timber frame, etc

- Speak with surveyor. Get quote for work to be completed.

 

[Oscar13]

roy/Vaughn,
Yeah... I never considered the deal will fall through.
I'm quietly confident all will be ok.... But I will be aware of this potential pitfall.

Brady,
Thanks for the information. Have already spoken to a draftee/builder. There is a house on the land so the intention is to rent it out until we are ready to build.
Its a pretty big sized block that can potentially fit 3 units on there. I am investigating with the builder (and council) to see if we can keep the existing house and just subdivide and build 2 behind it.
I suppose this is the process I'd like to go through now to determine what I can and cant do with regards to that.
But I assume I would need a title for the property and put the proposal to council to see if its possible.
And yes I am aware of the potential costs...

p.s. good reading regarding your development in highbury.