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Block of Land --Blocked

Discussion in 'The Buying & Selling Process' started by HomeMinister, 24th Jun, 2015.

  1. HomeMinister

    HomeMinister Well-Known Member

    Joined:
    19th Jun, 2015
    Posts:
    57
    Location:
    Melbourne
    can someone guide a profitable direction from where i am now.

    In the dream of building a dream home i have blocked a block of 512sqm

    in a new estate with a train station and shopping complex within 1 km around it.

    titles due in november and looks to be accurate from works around it.

    i deposited 5% and since then land prices have gone up by the developer at 5% rate

    and train station has opened doors for commutors as well.

    I do not wish to build anymore due to other commitments and want to make it IP and sell it

    at a profit or break even price at least to cover my loss. what can you suggest for me?

    any questions please ask and i will reply quickly..
     
  2. MRO

    MRO Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    163
    Location:
    Perth
    I dont see the problem? If you want to sell it, call an agent and sell it.
     
  3. HomeMinister

    HomeMinister Well-Known Member

    Joined:
    19th Jun, 2015
    Posts:
    57
    Location:
    Melbourne
    i have read in other post that we need to finance with build contract and valuation reports normally come below market value. do you guys think that could pinch my profit? should i walkout loosing 5%? around 12k?
     
  4. Kael

    Kael Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    277
    Location:
    Sydney, NSW
    If I was you, I'd look at how much you could sell it for when it titles in November (the developer may say that they are increasing prices by $5k every new release, with new releases every 2 months, for example). If the price you think you'd be able to sell it for is decent, maybe hold onto it and sell it once titled. People love buying in new land estates but what's more, they love buying land that is titled where they can build their home sooner, rather then later.
     
  5. HomeMinister

    HomeMinister Well-Known Member

    Joined:
    19th Jun, 2015
    Posts:
    57
    Location:
    Melbourne
    I agree i do get enquiries that only ask if the land is ready to build or 2 months away.