Hi My hubby and I are looking to buy our first house. We would love to build and have atleast 5 acres of land. In the area I fell inlove with, there is a block that is 37 acres. We honestly don't need that much land and can't afford 500,000 for land then build a house for a few more thousand.. So I have come up with a theoretical plan that if we were to purchase this land, keep 7 acres for ourselves and split the other 30 acres into 3 10 acre properties, sell them for roughly 300,00 (seems reasonable for the area but I'd also ask a local real estate agent). This would give us roughly 800,000 after agent and subdividing costs to build and pay off our mortgage. Does this seem plausible and what have I missed?
Hi Lee anne, yes, like HR23 says, you've gotta check the planning scheme. It will specify minimum subdivision sizes if you are in a Rural Conservation Zone, Farming Zone etc. In Vctoria this may be as large as 40Ha or as small as 4Ha. If it's in Vic, post the address and I'll send you a link. But not today cos the DWELP is renovating the website and it's down.
You can buy 37 acres for $500K and sell off 10 acre lots for $300K ? Sounds too good to be true - I'd imagine there is a lot of competition from other buyers. You have a lot of research to do on that.
It's a block probably about an hour outside of the city so semi rural area looks to be a farmer subdividing his property as land is mostly cleared. A block that big is too big for just a house and too small for farming. So a few blocks have recently sold there at 300,000 that were only 5 acre
Build Passive Income WITHOUT Buyers Agents! Build Passive Income WITHOUT Dropping $15K On Buyers Agents Each Time! Helping People Achieve PASSIVE INCOME Using Our Unique Data-Driven System, So You Can Confidently Buy Top 5% Growth & Cashflow Property, Anywhere In Australia » Learn HOW Now!