Property Development: TIP 1 When you buying any house with land component, it is important that you check the following: (just to list few) · Zoning · Any overlay · Any Restrictive covenants · Flood Zoning · Fire Zoning · Design overlay · Special Contribution overlay · Sewerage Diagram or · Services running overhead /underground · Any major native trees · Adjoining Properties · Abutting Properties If you are not sure how to check above, your solicitor or conveyancer should be able to read it out to you from the Contract of sale. At a recent seminar, when I asked those that attended if they normally ask above questions to their solicitors or conveyancer, I was shocked to see that only about 5 to 6 persons (out of 50 people) raised their hands. Most investors shop around for cheaper conveyancer/solicitors, but neglect to ask simple questions. If you are buying a house with Land components, we would strongly advise you to ask the above questions to solicitors/conveyancer. For detailed information, please consult or engage the local Town Planner/Architect/Draft person. All in all it may cost you around $400-$800 for extra professional report/search! It pays off to ask simple questions! Example 1 We came across a client that bought property with intention of developing 3-4 townhouses on the block. He paid premium for site thinking that he can carry out intended development. The only problem was that the subject land had SINGLE DWELLING covenant. Ouch!!!! Example 2. A friend of mine picked up a property at bargain. He bragged on for months. The only thing he wasn’t aware that his property was on flood catchment area! Ouch!!! This is gold! I bet most of investors aren’t aware of KOALA HABITAT effect on your property! Here is a detailed Read: Frequently asked questions: What does the koala listing decision mean for me?