Buying someone's backyard VIC

Hi guys,

Kids are growing and we really would like to buy into a good school zone (Balwyn High) in this case. I am thinking of approaching some of the owners with old houses with massive backyards, house at the front of the lot and of course with driveway access and buy their backyard from them to build a 3-4 bedroom house. Or corner blocks with backyards big enough to cut a piece out.

Saw plenty on Google Map.

Not sure if it's a good idea? Anything i need to be concerned about? Anyone did this before?

 

Hi Blackmores,

Just a couple of the major things to ponder;

• Some might have covenants over the land preventing the construction of more than one dwelling on the current site, or easements (eg stormwater or sewer pipes) in incovenient locations under the ground that you're not allowed to construct over.
• Not everyone is welcoming of random folks just knocking on the door and asking about their land. The more dignified approach of making first contact with a letter might be appropriate in these sorts of situations.

 

Assuming its not on two titles, how do you buy a piece until its subdivided, and how to you subdivide if you dont own it?

Sounds like the reverse might work. Buy an old house, subdivide and sell off a piece yourself?

 

I believe @Blackmores is thinking to convince someone to sell their backyard to him/her "subject to" subdivision approval and finalization. So the current owners would initiate the subdivision.

 

Thanks guys. Notes all taken. The idea of buying a old house with land and subdividing sounds like a good idea too actually. Chances of affording it are not high. Maybe i should consider cheaper suburbs like Box Hill or East Doncaster. The schools are pretty good too.

 

people have been doing this for a very long time (I've seen it since 2001). Some builders/developers entice asset rich people with bad house by covering the build cost of a duplex construction.

So they supply the land, developer/builder pays for the build and the asset rich party has one of the new duplex to live in with minimal cash input (win/win I guess)

 

Rent where you want to live and do active investment where you can afford (subdivision/reno etc)

 

Hi Blackmores

We have done this a number of times and in various forms.

It is a very good idea but the devil is in the detail.
If you get this right you will create a win/win situation for both yourself and the existing owner which makes it feasible.

You are on the right track!
The hardest parts are finding someone and getting the detail right.

PAUL