We purchased a property in Wantirna (Vic) with a 3 bed and 1 bath home about 2 1/2 years ago. We bought it at what we thought was a good price. I it currently tenanted and we were at least fortunate to be blessed with great tenants who look after the place. Because of some dry weather in the recent years, there has been some structural cracks appearing on the brick work. The veneer was reported to be fine, but something has to be done about the bricks in the long run.
The land size of the property is about 997 sq m and we were thinking of subdividing the land to build two new homes. We will be moving into one of the homes while we sell the other one to try to reduce our cost. This is an option we have or the other alternative would be to sell the home with plans of subdivision. From what we were told, something would have to be done about the home in the long run and the cost of rectifying the problem would be great amounting to more than $20,000. That was why we considered building two new homes.
We have spoken to a draftsman who works in the area and he quoted us about $15,000 to get all the plans and permits including all associated cost. He also told us it was possible to build something decent for about $9,000 per Sq, which would make it presentable for sale. We were thinking of building about 15 to 20 sq homes depending on if we could build double storey houses in the area. We were warned that 2 x double storey would probably not get through the city council, but a double storey and the other single storey would be alright.
I have not spoken to another draftsman as yet, but am beginning to focus more of my efforts to this idea because its becoming increasingly urgent.
Just a few questions we have............
Is there a company that anyone would recommend we investigate to help us with this sub division?
I read many threads on this forum when I did a search on subdivision and were mostly quite informative. However, if there is any more advice people are willing to share, it would be greatly appreciated.
Has anyone done been involved in subdivision in Wantirna (Vic) before?
Is $9,000 per Sq a realistic price for a completed home that would be presentable for sale?
Are 15 to 20 sq homes too big? How does one determine the market for sizes of homes?
Ideally, we would not want to spend more than $400k for the entire project.
Thanks,
Jon