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.

 

Tags:dual occupancy,retirees income,cash poor retirees

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Property development basics

August 20, 2015

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