hi everyone,
I'm new to this forum, and I have just bought my first IP (very scary!) It's basically a small 60 year old californian bungalow on a 800m2 block. I bought it because I thought i might be able to subdivide it, maybe sell off the land with plans or something. I have no idea where to start.
I can't really afford to do much straight away, as I have to spend a few thousand painting and freshning up the house (in good condition, but hasn't had any work for many years!) to get it ready for renting out, but I would like to start thinking/planning what I might be able to do to add value, pay it off quickly by capitalising on the large block.
Has anyone done a subdivision on a property like this before?
If so, can you please offer advice on what might be the most profitable option (eg: plans for 2 townhouses, plans for 1 townhouse and sell subdivided land, and keep existing house??)
also, who I should speak to first? council? builders? etc.
very grateful for any advice, or stories of your experience.
many, many thanks
Hoobie
I'm new to this forum, and I have just bought my first IP (very scary!) It's basically a small 60 year old californian bungalow on a 800m2 block. I bought it because I thought i might be able to subdivide it, maybe sell off the land with plans or something. I have no idea where to start.
I can't really afford to do much straight away, as I have to spend a few thousand painting and freshning up the house (in good condition, but hasn't had any work for many years!) to get it ready for renting out, but I would like to start thinking/planning what I might be able to do to add value, pay it off quickly by capitalising on the large block.
Has anyone done a subdivision on a property like this before?
If so, can you please offer advice on what might be the most profitable option (eg: plans for 2 townhouses, plans for 1 townhouse and sell subdivided land, and keep existing house??)
also, who I should speak to first? council? builders? etc.
very grateful for any advice, or stories of your experience.
many, many thanks
Hoobie