Thoughts on feasibility?
So I've got a rectangular 615sqm block 10km north of Melbourne CBD that I would like to subdivide, retain the exisiting 2 bedroom dwelling out the front and keep on renting out. Basically chopping the block into a 'L' shape with a common drive way on the right boundary. End goal would be to sell the back block with plans and permits for a profit.
I've purchased the existing block for $400K a year ago and would be looking to sell the back with plans and permits for $200-$220K. The current value of the block as it is $450-$480K.
Is this feasible once I go through the process of appointing an Architect to draft up plans, submitting to council for approval etc. ?
This is my first subdivsion so would love to know your thoughts or past expereince. What pitfalls should I look out for and who should I be engaging?
So I've got a rectangular 615sqm block 10km north of Melbourne CBD that I would like to subdivide, retain the exisiting 2 bedroom dwelling out the front and keep on renting out. Basically chopping the block into a 'L' shape with a common drive way on the right boundary. End goal would be to sell the back block with plans and permits for a profit.
I've purchased the existing block for $400K a year ago and would be looking to sell the back with plans and permits for $200-$220K. The current value of the block as it is $450-$480K.
Is this feasible once I go through the process of appointing an Architect to draft up plans, submitting to council for approval etc. ?
This is my first subdivsion so would love to know your thoughts or past expereince. What pitfalls should I look out for and who should I be engaging?