Cool! I like your spec. You are bound to generate some equity there.
Yes!! We got unconditional approval! 4 villa development in Gwelup WA
- Thread starter westminster
- Start date
Awesome thread to Follow.
Went to a rental open yesterday on a 5 Unit block Development, fresh for rentals.
I can't wait until I have enough capital to begin.
West, did you have any contacts pre your first development?
Reason I ask is that I have both business banker and BCC town planner mates, and figured I can push the friendship
Went to a rental open yesterday on a 5 Unit block Development, fresh for rentals.
I can't wait until I have enough capital to begin.
West, did you have any contacts pre your first development?
Reason I ask is that I have both business banker and BCC town planner mates, and figured I can push the friendship
Spec for new builds in the area are pretty high so I have added a few small touches to keep up with the Joneses.
$950k for a 4 x 3 double storey on 299sqm block about 1km away from mine
http://www.realestate.com.au/property-house-wa-gwelup-115789647
That price is quite reasonable. Someone else wants 1.25m
for a very very nice house on 300sqm but ........ 1.25m ?!?!?!?http://www.realestate.com.au/property-townhouse-wa-gwelup-113794179
Awesome thread to Follow.
Went to a rental open yesterday on a 5 Unit block Development, fresh for rentals.
I can't wait until I have enough capital to begin.
West, did you have any contacts pre your first development?
Reason I ask is that I have both business banker and BCC town planner mates, and figured I can push the friendship
Use the old boys club all you can
I had no contacts except for a REA friend but I have generated a few along the way now - and leverage their contacts too
Time for some REA valuations as I'm thinking about selling one to help fund the retirement
Local REA has said low $700s.
I should have another appraisal early next week.
Only 2 more payment claims before handover. Debt is currently at 1.6m and will peak at 1.85m
LVR if I hold all will be approx 65%. Potential equity able to be released would be somewhere around $400k if I take it up to 80% LVR
Local REA has said low $700s.
I should have another appraisal early next week.
Only 2 more payment claims before handover. Debt is currently at 1.6m and will peak at 1.85m
LVR if I hold all will be approx 65%. Potential equity able to be released would be somewhere around $400k if I take it up to 80% LVR
Congratulations MyfTime for some REA valuations as I'm thinking about selling one to help fund the retirement
Local REA has said low $700s.
I should have another appraisal early next week.
Only 2 more payment claims before handover. Debt is currently at 1.6m and will peak at 1.85m
LVR if I hold all will be approx 65%. Potential equity able to be released would be somewhere around $400k if I take it up to 80% LVR
perhaps in perth its time to hedge our bets and take some cash off the table while the market is hot.
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Yup that's why I'm looking at selling one - maybe even 2 if the sales price is right. The market isn't hot, hot in Gwelup though and this price bracket is slower than the lower end. However I am happy to suck it and see.
Cost for each of them is approx $485k each. Selling at $700k would generate a profit of $215k minus selling costs and tax
<happy dance>This is my current comparable/competition
http://www.realestate.com.au/property-house-wa-gwelup-116028223
One has gone under offer off the plan
http://www.realestate.com.au/property-house-wa-gwelup-116028223
One has gone under offer off the plan
I stuck my nose to the windows and peered through doorknob holes to see how it's going - I hate not having access after Lock Up!!
We are getting really close
- garage grano is down
- one garage door is installed
- HWU installed (waiting to be stolen!)
- floor tiling all done, skirtings put in
- bathroom tiling done, wall tiling in laundries just completed (above stone benchtops which were installed this week)
- stone benchtops to kitchens and laundries installed this week. I couldn't see bathrooms but I'm pretty sure they are done too.
- One hotplate installed in a kitchen
So what's left?
- more kitchen stuff - all appliances to be installed, door/fronts on cupboards, rangehoods and glass splashbacks
- bathroom/laundry/ensuite door fronts
- carpets
- internal painting
- more external painting (single coat at moment)
- stone cladding, limestone render work, some elevation fancy stuff
- paving
- landscaping, retic
Last estimate for completion was late March, early April.
In the Blacky vs Westminster development race - I think I'm winning. I wonder where we should go to lunch?
We are getting really close
- garage grano is down
- one garage door is installed
- HWU installed (waiting to be stolen!)
- floor tiling all done, skirtings put in
- bathroom tiling done, wall tiling in laundries just completed (above stone benchtops which were installed this week)
- stone benchtops to kitchens and laundries installed this week. I couldn't see bathrooms but I'm pretty sure they are done too.
- One hotplate installed in a kitchen
So what's left?
- more kitchen stuff - all appliances to be installed, door/fronts on cupboards, rangehoods and glass splashbacks
- bathroom/laundry/ensuite door fronts
- carpets
- internal painting
- more external painting (single coat at moment)
- stone cladding, limestone render work, some elevation fancy stuff
- paving
- landscaping, retic
Last estimate for completion was late March, early April.
In the Blacky vs Westminster development race - I think I'm winning. I wonder where we should go to lunch?
Wonderful, I had no idea it was a competition.... too much pressure
Good work anyway.
Are you happy with the end product??
Tough question - I'm happy with the product so far BUT I'm unhappy with some of my decisions.
Lessons learnt
1. I'm never going to be happy with floor tiling in shower recesses unless I use strip drains. To get the fall to work when using larger floor tiles it just looks untidy because the tiles MAY need to be laid not matching up with wall tiles. Noted in my brain for future developments.
2. When concentrating madly on whether colours go, check tile sizes or you will end up with 3 different sized tiles in a bathroom.
3. It was impressed upon me (by various sources) that I should not be too matchy matchy and have the same look for kitchen, bathroom & laundry. I now regret taking this advice as I feel there is not a cohesive look AND I didn't consider how the laundry would look where it butts up to the living area. ie living room floor tiles don't really go with laundry floor tiles.
These types of things would annoy the **** out of me in a PPOR but it's an IP and it's possible that no one would notice OR care. However I like to grow as I go and my next two projects are high end and it has to be just right.
This is a strip/channel drain. Tile are laid sloping towards it rather than trying to get tiles to slope towards a central drain. Sooo much more practical for the on trend use of larger tiles.
Tough question - I'm happy with the product so far BUT I'm unhappy with some of my decisions.
Lessons learnt
1. I'm never going to be happy with floor tiling in shower recesses unless I use strip drains. To get the fall to work when using larger floor tiles it just looks untidy because the tiles MAY need to be laid not matching up with wall tiles. Noted in my brain for future developments.
2. When concentrating madly on whether colours go, check tile sizes or you will end up with 3 different sized tiles in a bathroom.
3. It was impressed upon me (by various sources) that I should not be too matchy matchy and have the same look for kitchen, bathroom & laundry. I now regret taking this advice as I feel there is not a cohesive look AND I didn't consider how the laundry would look where it butts up to the living area. ie living room floor tiles don't really go with laundry floor tiles.
These types of things would annoy the **** out of me in a PPOR but it's an IP and it's possible that no one would notice OR care. However I like to grow as I go and my next two projects are high end and it has to be just right.
This is a strip/channel drain. Tile are laid sloping towards it rather than trying to get tiles to slope towards a central drain. Sooo much more practical for the on trend use of larger tiles.
The strip grate waste is, as you say, the only way to go when using large tiles. They are very expensive in comparison to the 'garden variety' grate though.
On appliances etc being stolen - you may have heard that 4 of the major builders in WA, BGC, ABN, JWH and Summit have formed an alliance called BUSTED (Builders Unite to Stop Theft) to minimise site theft, burglary, graffiti, vandalism and illegal dumping. So building with one of the brands under these 4 builders should minimise loses via better site security, increased surveillance and appliance tracking
The catch phrase for BUSTED is "Not here mate", because you will be busted.
Check out the facebook page for BUSTED, or go to www.bustedwa.com.au
Pud
The strip grate waste is, as you say, the only way to go when using large tiles. They are very expensive in comparison to the 'garden variety' grate though.
On appliances etc being stolen - you may have heard that 4 of the major builders in WA, BGC, ABN, JWH and Summit have formed an alliance called BUSTED (Builders Unite to Stop Theft) to minimise site theft, burglary, graffiti, vandalism and illegal dumping. So building with one of the brands under these 4 builders should minimise loses via better site security, increased surveillance and appliance tracking
The catch phrase for BUSTED is "Not here mate", because you will be busted.
Check out the facebook page for BUSTED, or go to www.bustedwa.com.au
Pud
Thanks Pud. I'm not really concerned about things being stolen (does that sound wrong?) as it is the builder that needs to replace them. I wouldn't choose a builder because it may minimise losses, I'd choose them for their building skills.
I have around 15 houses being constructed in front of mine and those trades who work on the weekend can be seen wandering from house to house if they ever needs a little more of something, dumping something in the bin in the next door etc etc
I called into your place last night on my way to visit my sister. But I couldn't get in - everything was locked
You are definitely ahead of me. I was at Yokine on Friday. We are yet to finish the ceilings and there is a small amount of plaster to go on the external walls. Looks like they are holding off finishing that till the last minute (I guess in case a stray trailer/ute knocks it).
Preperation on the garage floor is starting. All doors/window frames are in.
My places are starting to look very good. I was told late March early april as well, however, I think more likely is mis-late april.
I might make up some time on you as internals I only have 3 houses to do, and not as many tiles (floor boards instead). However, I think you are definitely ahead of the game.
You will need to decide on a good place to go. There is a great McDonalds in Subiaco
Blacky
I called into your place last night on my way to visit my sister. But I couldn't get in - everything was locked
You will need to decide on a good place to go. There is a great McDonalds in Subiaco
Blacky
Yup that's why it's called lock up stage - how are you getting into yours?
I can only peer through windows.
if your hindsight is 20/20 you should take comfort that your foresight is probably 19/19.
Great tip with the drain. Keep all the tips coming will make sure I filter through and take note
Did a walk through of one of the property my builder is doing at the moment. Showing off some of his extra features like recessed ceilings, strip drains etc. Good to see his product first hand in progress rather then finished product once things have been patched etc.
Did a walk through of one of the property my builder is doing at the moment. Showing off some of his extra features like recessed ceilings, strip drains etc. Good to see his product first hand in progress rather then finished product once things have been patched etc.
Still not quite there but coming along. I get to see inside again on Thursday so I will endeavour to take some more photos and update the Facebook feed.
I can see that the paving is now done and garage doors are installed. The stone for the elevation fancy stuff has been delivered.
Great tip with the drain. Keep all the tips coming will make sure I filter through and take note
Did a walk through of one of the property my builder is doing at the moment. Showing off some of his extra features like recessed ceilings, strip drains etc. Good to see his product first hand in progress rather then finished product once things have been patched etc.
Do you have a thread for yours? I love following progress
