hi all
Newbie to property investment here.
I have a block of land Zoned R2(a) in Burwood NSW, located near Liverpool road. The property was bought in 2012, is currently tenanted and I?m paying about $8k land tax per year. The land is 1018 sqm with a couple of big trees located near the back fence (possibly native so probably not able to be removed) , the land also has a covenant charge with one of my neighbouring lot, effectively the covenant restricts me from building 15 metres from the street. The block's dimension is approx 16.7m (wide) x 62m (long)
The latest S149(2) certificate says that it is zoned as low density residential, the Burwood zoning map shows that my property is exactly on the border between R3 medium density residential and R2 low density residential.
Initially i've been thinking about building a granny flat as the backyard is big and on level land, Brazen from Granny Approvals had came out and had a look it. He had given me some very good advice about broadening my options and think about what other options there may be (e.g: subdivision, development etc) in addition to the option of building a granny flat. I?m at this deciding stage at the moment.
I've spent only some time reading the forum about property development and I?d really appreciate some advice here about the options below available for me.
(1) keep existing house and build a granny flat, move into GF
(2) keep existing house, build a detached studio, according to SEPP it's apparently possible to build something approx 100sqm, 3br.
(3) Don't build a granny flat or detached studio, apply to subdivide the land, then apply DA to build two semis side by side like my neighbour (2 at back 2 at front, so 4 properties all together) then sell.
(4) Do nothing, wait until my property goes up in value then decide to sell later
(5) Apply to council to rezone the R2 to R3(medium density residential), so that I can build possibly townhouses or units on this land. Then sell with either the DA or develop, build and sell.
(6) Do nothing, wait until my other neighbour to sell (a very elderly single person with sons and daughters living interstate) and buy the neighbouring lot, effectively controlling two pieces of adjacent lots totalling 2090sqm and then apply to council and later somehow develop both lots as high density residential properties
I've attached a google maps view of the land. Thank you for your comments.
Newbie to property investment here.
I have a block of land Zoned R2(a) in Burwood NSW, located near Liverpool road. The property was bought in 2012, is currently tenanted and I?m paying about $8k land tax per year. The land is 1018 sqm with a couple of big trees located near the back fence (possibly native so probably not able to be removed) , the land also has a covenant charge with one of my neighbouring lot, effectively the covenant restricts me from building 15 metres from the street. The block's dimension is approx 16.7m (wide) x 62m (long)
The latest S149(2) certificate says that it is zoned as low density residential, the Burwood zoning map shows that my property is exactly on the border between R3 medium density residential and R2 low density residential.
Initially i've been thinking about building a granny flat as the backyard is big and on level land, Brazen from Granny Approvals had came out and had a look it. He had given me some very good advice about broadening my options and think about what other options there may be (e.g: subdivision, development etc) in addition to the option of building a granny flat. I?m at this deciding stage at the moment.
I've spent only some time reading the forum about property development and I?d really appreciate some advice here about the options below available for me.
(1) keep existing house and build a granny flat, move into GF
(2) keep existing house, build a detached studio, according to SEPP it's apparently possible to build something approx 100sqm, 3br.
(3) Don't build a granny flat or detached studio, apply to subdivide the land, then apply DA to build two semis side by side like my neighbour (2 at back 2 at front, so 4 properties all together) then sell.
(4) Do nothing, wait until my property goes up in value then decide to sell later
(5) Apply to council to rezone the R2 to R3(medium density residential), so that I can build possibly townhouses or units on this land. Then sell with either the DA or develop, build and sell.
(6) Do nothing, wait until my other neighbour to sell (a very elderly single person with sons and daughters living interstate) and buy the neighbouring lot, effectively controlling two pieces of adjacent lots totalling 2090sqm and then apply to council and later somehow develop both lots as high density residential properties
I've attached a google maps view of the land. Thank you for your comments.