Property development basics

A property development for a two or more lot subdivision like a dual occupancy development can be profitable if you follow the golden rules successful property developers stick by.

• Understand what makes a dual occupancy home design work for the broader market

• Work out the best case and worst case profitability scenarios

• Recognise good design and architecture principles

• Have some knowledge of town planning regulations, zones, schedules, overlays

• Undertake property development courses- a crash course is a good starting point

• Calculate subdivisions costs which generally ranges from $15,000 upwards

• Know how to subdivide land- what is the minimum lot size, is a development application required and so on

• Work through the property development process- from design brief to completed project ready for sale or to be leased

• Learn to read dual occupancy plans,site plans sections and elevations

• Understand councils contributions for land subdivision which usually apply to more than a two lot subdivision

• Know real estate sale prices for investment properties in the selected areas

• Understand how Melbourne or Victorian Council’s work when assessing town planning applications

• Know what is required to obtain a building permit

• Understand the opportunities and challenges of Melbourne’s new residential zones to name a few.

If this all sounds too complex or too time consuming contact me. I will advise, help and do what is required for a great outcome. There are other articles on this website which can also be helpful.

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