I love my mother-in-law but I never planned on living with her permanently. I have been enjoying her living with us now that we have kids but I feel like we all need some extra space so I am getting a granny flat built at the back of our block. This should allow us to have some extra space to make sure everyone has the privacy that they need whilst we can still be a family. This block has some tip on the process of building a granny flat including how to choose a contractor and how to get the council approval for the build.
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If you own idle land, you may be wondering how to develop the property. As a developer, your primary concern would be how to get the most value for your investment. This article details a few ways to develop your property.
Subdivision
This is the easiest way to get instant returns on your property. The secret to a successful subdivision is working with an experienced surveyor. Your surveyor can examine the property and give some advice about the viability of the subdivision. For instance, local councils have a minimum plot size. If your plot does not meet this requirement, the surveyor will inform you beforehand to ensure you do not waste your hard-earned cash. If the property can be subdivided, the surveyor will create a subdivision plan detailing how you intend to develop the property. In most cases, the subdivision should have access to roads, water, power and gas connections. Your surveyor can also give real estate insights, such as the value of the land and how to target potential buyers.
Off-The-Plan Development
An off the plan development is an ideal choice for developers who do not have sufficient finances to complete their development. The benefit of an off-the-plan development is that it reduces your dependence on loans. If you opt for this arrangement, you must work with a contractor who understands how off-the-plan developments work. You will also need a seasoned real estate agent to advertise and convince potential buyers to invest in the development.
Residential and Commercial Units
The golden rule when developing residential and commercial units is ensuring you take advantage of the market gaps. Real estate agents can help you identify some market gaps and give advice on the dos and don'ts of developing your property this way. You also need to establish if you will lease, rent or sell the units. The tips below should help you as you develop commercial or residential properties:
Unit development options include subdivision, off-the-plan development, building commercial or residential units. Contact a local unit development service near you to learn more.
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