Browse Forums General Discussion 1 Jan 23, 2010 4:34 pm Hi all
I have joined Homeone to find out answers to many ignorant questions.... First question: I have a 762sqms land in which my (35yr old) house sits in about 90sqms. The land has a dual occ. permit but I don't know how to proceed? Someone said i have to see the town planner at the council and find out what to do with the land. I want to know what finance options i will have to build a dual occ in my back yard.. I already have mortgage! Who will lend money for my back yard villa project even if I get the permit from council.
Re: How can i find out about what to do with my 762sqm land??? 2Jan 23, 2010 5:37 pm Welcome! If you know there is a dual occupancy permit - then I would find the Development Control Plan for that type of dwelling in your local council area. Have a read of that, get some ideas on what you want to build and then talk with the town planner or whoever approves Development Applications at your Council. If you want to build another villa, you're going to need to register a Strata Plan as well - so you may need some assistance (this wouldn't be something to think of until you have some idea of the plans). As for financing - I think it would depend on the current loan value ratio of your mortgage (ie do you still owe the bank a lot or a little), what you think you can sell the 2nd property for etc. If you have an older house - in NSW, especially Sydney - the best way to make money from it would be to knock down your existing house and build 2 new homes - either as a single frontage duplex or two individual properties - access to the rear property if you go to build one at the front and one at the rear - will be something to work out. Obviously - building a duplex is much cheaper! There are even project builders to offer those sorts of homes at reasonable prices. If your bank won't finance the operation - the other option is to go into partnership with a construction company - though I don't know many who would do a single dual occupancy - they are usually interested in multiple residence developments so that they can increase building efficiency and maximise their profits. A real estate agent might be able to help you out finding a builder to go into partnership with. After 4 years - we're in! Just to clarify, I'm not a builder I've read my own council's LEP numerous times and worked with an architect to understand my own lot size and problems. 5 1838 4 14309 Unless there is something in special conditions the builder does not have to give you timeline. If your demolition contractor has not removed Asbestos and it was found… 12 28811 |