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.