2014 | This project was on a small block in comparison to my other projects - but oh such a beautiful home.
This land was purchased with permits approved as well as engineering drawings. Which meant that we were able to get straight into building it without having to waste a year or more in obtaining approved permits.
So this is a double-storey home plus garage. A 23 sq home comprising 3 bedrooms, formal lounge, study (downstairs & upstairs), kitchen, dining, plus two bathrooms. It is a well designed home, lots of natural light and all the mod cons - expensive finishes.
SALE OF PROPERTIES …$1,990,000
Project Build Cost:………..$ 500,000
Interest/Selling Costs:…..$ 75,000
PROFIT BEFORE TAX:……$ 340,000
I want you to know that there is money to be made in development even if you buy a property with approved permits to build a home. As you can see above. Your research is to work backwards. Work out what the end product is worth if you sold it, get a builder to give you a ballpark as to how much it would cost to build, holding/selling costs - and see what’s in it. If you’re happy with the figure - then you need to fine-tune your figures and make sure they’re correct. Fx
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