One plus One = 3
Yes I know that doesn’t add up, but in fact for these mum and dad developers, this is the case. This upmarket duplex is nearing completion and I have followed the construction time-line very closely as they were built opposite my own PPOR (Principal Place of Residence)!
I have previously written about this little development but I thought “time for a relook” seeing as I’m shortly about to have new neighbours... assuming the duplexes sell of course.
Originally this land was just a double block purchased at auction for a bargain price. A dispute with the tenants ensured a testy sale and even police patrolled during the auction process! After a drawn out final fling between the highest bidder and the sellers, the result was a sale at around $1.5million.
This, in my opinion, [maybe I’m biased seeing as I live opposite] was far too cheap. You may well ask why I didn’t buy it. All I can say in my defence was that a combo of the funding gods and bad timing was not in my favour.
I have moved on as my wife reminds me quite often “there’s no profit in looking back”.
The double block each 720 sq metres was realigned to give one block with a 20 metre frontage and 800 sq. metres in size. This is the magic formula for a duplex development. This project was code assessable which means no public comment was required and an approval likely, provided all the town planning boxes were ticked.
The smaller block was sold to a young couple who have built a stylish house which is now on the market. Everybody’s in on the action!
As yet, I have not had a peep inside, as I like to leave that until it is finished.
Good hint here! If you are doing a Reno, and you want rental or selling appraisals, do not get them until you’re finished. Agents are notorious for not seeing the end product’s full value. They can only see a mess and rubbish, so their appraisal will be a mess and rubbish!
I noticed surveyors there last week, no doubt mapping out the PCY’s [Private Court Yards]. This information is essential for registration and sealing of plans. Contracts for both the seller and purchaser need to be 100% accurate, nothing less.
It is essential that you have a thorough understanding all the statements, clauses, conditions and details that are required to be in any real estate contract. This will keep you out of contractual trouble and will hold you in good position for your own personal property journey.
Don’t get me wrong, you need your solicitor to act on your behalf, but being able to converse and have basic knowledge of what you are both endeavouring to achieve is street-smart.
This is an upmarket build and the property has been on the market from day one which makes you think the sellers have carried out a feasibility study to ensure they would not lose on this deal.
Absolutely imperative you get the proposed end result right on paper, at the beginning! If it doesn’t work out in your feaso, before you start building, then you can guarantee it will be downhill when you start.
As you know we are advocates of the following. You make your money when you buy and not when you sell. Our “one plus one equals three” form of development can eliminate a majority of the pressure on you making mistakes from an unsucessfull development project..
Now digest the following scenario where “one plus one equals four”! All DIY self assessable, you think I’m dreaming ... read on!
On May 21st the Reno Kings will be conducting Feasibility Mastery and Contract Tips, Tricks and Traps, two Intimate Workshops which are essential training for every renovator, developer and property investor, and purchaser. We have never seen these topics offered elsewhere, so BOOK NOW as seats are very limited.