What’s your backyard worth?
The answer could be “quite a lot” if you’re living in an area that has recently been rezoned to allow more houses to be built on existing blocks.
Thanks to the State Government’s push for higher density housing in established suburbs, some blocks that currently have just one house sitting on them could now accommodate two, three, four, six – or maybe as many as eight – new homes.
It means you could be sitting on a small goldmine.
But where do you start? How do you turn what’s currently lawn, flower beds and maybe even a pool into a successful property development that comes with minimum risk, but maximum profit?
Do you just build a second property that you can sell or rent out, while keeping your existing home?
Is it better to demolish your existing house to make way for three or more new properties to sell or rent out?
If you want to know what’s involved or who to talk to, here are 5 top tips from the team at Developments by Dale Alcock to get you started:
- Get the low-down on what’s possible on your block by arranging an obligation-free discussion with a property development expert. Using more than 30 years’ experience, the team at Dale’s can identify the best way to develop your backyard while minimising your risk and maximising your return.
2. Recognise why your block has been rezoned. You don’t have to be an expert in R-Codes, but it does help to understand that the State Government wants to see more homes built in established suburbs. As a result, many areas of Perth have, or will be, rezoned to bring more people close to existing amenities and infrastructure.
3. Look for a property development specialist that can guarantee your project will be finished on time and on budget. Knowing what your investment will be, as well how long it’s likely to take, will give you enormous peace of mind.
4. Brush on up on the terminology. You’ve probably heard of duplex, triplex and multi-unit developments. But what about Class 2 developments? Essentially a ‘mini apartment’ building, this type of development is increasingly being seen on rezoned blocks close to busy shopping districts and transport hubs.
5. Talk to a building company that can take care of every aspect of your development project for you, from obtaining finance, building permits and planning approvals, right through to design and construction.