Hi all again
So hubby and I sold our PPOR as it was too close to an ugly development that was about to happen We moved into our IP at Christmas. Now we are ready to invest again and have found what looks like the perfect springboard for our strategy, which is to make an income that will fund the build of our dream home where our PPOR is. Whew! Here is our situation:
1. Found a block of land 'on the market'for $395 000.
2. With a house on it the property would be worth a conservative $720 000
3. I am going to make an offer on the land of $380 000
4. We figure to buy land and build we would need to complete the whole transaction for $600 000 to make the 20 per cent profit the developers here seem to think is reasonable for the pain.
5. This means finding a builder who can put a house on the land for about $150 000 then add in other costs such as nasty council contributions to make a $200 000 effort.
Is this possible in Sydney do you think? Are my figures sounding ok?
All advice appreciated.
So hubby and I sold our PPOR as it was too close to an ugly development that was about to happen We moved into our IP at Christmas. Now we are ready to invest again and have found what looks like the perfect springboard for our strategy, which is to make an income that will fund the build of our dream home where our PPOR is. Whew! Here is our situation:
1. Found a block of land 'on the market'for $395 000.
2. With a house on it the property would be worth a conservative $720 000
3. I am going to make an offer on the land of $380 000
4. We figure to buy land and build we would need to complete the whole transaction for $600 000 to make the 20 per cent profit the developers here seem to think is reasonable for the pain.
5. This means finding a builder who can put a house on the land for about $150 000 then add in other costs such as nasty council contributions to make a $200 000 effort.
Is this possible in Sydney do you think? Are my figures sounding ok?
All advice appreciated.