My NZ build and subdivide

I thought I'd share an update on my current NZ build. I bought the existing house for $399k NZD about 3 years ago. It's approx 900m corner block. The plan is to build a 2 bed house for $250k nzd total. Then subdivide and sell the existing house for $500k. The new house should value around $450k and rent for $380pw.

The floor is down and frames are going up this week. I've already had a couple of 'blips.' The builders had to go down 1.0m to find solid ground. Then, it seems last year Cyclone Grieta went through Riwaka and the Motueka Valley causing some flooding issues. So the council insisted the floor level be increased (which equals more cost).

More to follow if my nerves can stand it

 

Nice project. Following with interest. I assure you Dan Murphys will soon become your best friend, if he hasn't already.

 

I have a nasty few days ahead. Waiting for money from a USA sale to land in my account to settle on a block of land in regional Vic. Supposed to settle on that Friday this week but it's Labour Day in the states. Alcohol really is my friend

 

There's always some bloody holiday somewhere screwing up some plans.

 

Holding my breath and hoping this stuff isn't a biggie

[QSackie, post: 734133, member: 85"]There's always some bloody holiday somewhere screwing up some plans. [/QUOTE]

 

If it's coming from the US, then it'll be a hurricane but it will blow over.

 

Nice. How is the NZ rules regarding subdivision & council process?
Is it as costly and painful as the process in Australia?
Good luck with the project.

 

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Great project Lynne. Keep focused on the end result. Sometimes it is the only thing that keeps you going.

 

Pine stumps in concrete.... not sure about NZ but here that'll last 10 years!

 

@ellejay how's the framing going?

 

Pine is a large part of the forrest commodity of NZ therefore is mainly used in house construction over there. They don't have termites even though the pine is treated. They do however have other issues regarding insulation that needs to be adhered to in new builds and existing if its going to be a rental. (Im from NZ)

 

All seems good. I'll post some photos when I get them. I'm finishing up my contract up here in two weeks, then we drive to Sydney and fly over to NZ to renovate the existing house, subdivide and sell...as well as catching up with friends and exploring some more property projects

 

Sounds like a perfect mix of life. Reno, development, travelling, friends and more opportunities. What more could you ask for

 

Thanks! It's pretty perfect for me, I feel very lucky

 

Thanks! Yes, its just as costly and painful
I'll post the numbers at the end.

 

Slow progress, but it's taking shape. The market had excellent gains here and I'm aiming for a good profit. Just need to get the subdivision approved and buyers lined up subject to title.

 

Had some RE agents appraisals this week. The existing house could sell around mid $500s and late $400s for the new build.

Not capital city, not blue chip btw

 

Wow! Great valuations.

 

Absolutely insane market. Sydney without the stamp duty and land tax

 

JV JV JV! ...


Well done on it. Hope you make a great profit. what's that cladding used?