May 02, 2007 11:15 pm
My partner and I own a small block outright and now, with another family, want to build on it. What we want to do is to build two strata titled dwellings in a joint development ... that is, with both families putting up cash from the beginning, rather than one developing and then selling on to the other.
We'll need to borrow a bit of money and the other family will need to borrow a lot more.
Things are looking positive from a council perspective and after lots of research we are confident about getting the necessary planning permits. Now we need legal and financial advice about how to proceed with issues like securing loans, jointly contracting a builder and managing title (before and after building).
We're having a tough time working out what profession this kind of service falls within! We are going to go talk with our bank, but as well, if you have any suggestions about where in the yella pages to look, or can recommend a professional you think might be able to help, that would be great. We're in Melbourne.
I should point out that both families are in this for long term housing security and building a closer sense of community for ourselves - we're not looking for investment advice!
You're welcome to post to the list at large or send me a private post.
Re: "Development" ... Who should advise us?3
May 03, 2007 10:28 pm
Property law is what I would suggest also. You need to make sure that both parties understand the whole concept and that in the event of a falling out you are well aware each parties rights.
Re: "Development" ... Who should advise us?4
Jun 01, 2007 3:05 pm
Put the legal stuffs aside for a moment...
I heard stories of friends/neighbours building houses together which didn't work out that well... After the house finished, both paties won't talk to each other any more as there were too many arguments during the process...
It's a very stressful process, make sure you have good communication with the other family!
All the best!
Re: "Development" ... Who should advise us?5
Jun 01, 2007 4:00 pm
I agree Alan,
When my dad started business he wanted to go in partnership with a family member to ease the costs, and his solicitor said see that pile of papers over there - a 4 foot high pile of folders, they are all joint ventures that I have to deal with.
It might be a hell of a lot harder to go it alone, but it'd be a whole lot easier long term.
Why not go for a design that can be split in two, you fund the first bit, then once complete, start phase 2 of the project.
ie build a shell that is both buildings, but only fitout one side for starters. That way you'll get some economies of scale but less total cost.
Re: "Development" ... Who should advise us?6
Jun 01, 2007 8:10 pm
Thanks for the cautions folks. I've spent a lot of time looking at issues around community based housing over many years and rest assured we'll be spending at least as much time on the process stuff as the building! We actually have three households involved, because a friend has bought the block next door and we're all planning to be fenceless and share our gardens/outdoor spaces.
What we're doing has been inspired by years of work towards cohousing. There are thousands of examples of intentionally created cohousing projects across the world and we'll most certainly be drawing on their learning for our own little project.
The people involved are all very experienced and thoughtful and are going in to this specifically because we want to live in this way. It's not a matter of convenience or having a sudden brainwave of "what if we all lived together". We'll no doubt have our tough moments, but we reckon we're well equipped to get through them. And of course, we're documenting everything as we go along - seems to be the best way to make sure we're all meaning and wanting the same things.
If you're interested in cohousing, you're welcome to pm me.
Re: "Development" ... Who should advise us?7
Jun 04, 2007 6:46 pm
I think I found just what you need at the ecoliving show in Adelaide.
A property lawer wrote up the "by laws" for the Aldinga Eco Village which is basically a common ground use and development project with guidelines on the type of house you must build etc etc.
They had a copy of their "by laws" on display and it went through things like, dogs on and off lease, rubbish, walkways, house design etc etc.
I know it sound like a lot of who ha - but if you need to get out of your project for some reason, bad health etc, it would be much better to have a document in place so someone else who is buying into your "group" of houses knows the rules.
Similar to a body corporate document, but tailored to your project and it's residents needs.
Re: "Development" ... Who should advise us?8
Jun 04, 2007 7:16 pm
Thanks heaps Steve, I'll follow up. We definitely want one of these types of documents, in addition to all pre-building-phase legal stuff. We're looking for a suitably qualified property lawyer, so maybe the Adelaide dudes will have some Melbourne connections!
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