Building behind your existing home can be very profitable.
So you want to be a property developer, but don’t know where to start? Well how about in your own backyard?
Most people think that they need to purchase a separate property, or block of land, in order to become a property developer, and yet many people have the opportunity to simply build a separate dwelling on their existing house block.
And it actually makes a lot of sense to do so.
Providing your block of land is large enough, is the right zoning and it’s possible to get the relevant approvals, building something like a townhouse in your backyard can be hugely profitable, with less risk than might otherwise be the case. (more…)
As I mentioned in an earlier article, there are certain development projects that do not necessarily benefit from architectural design. A ‘fix and flick’ development for example, where the goal is to purchase a property (or properties in the case of units/townhouses), do a quick renovation and then put it back on the market is a good example. It’s not so much the extra expense of having an architect create the design that’s the problem, as much as the extra time that it takes to have a great design created.
Property development and architecture might seem unlikely bedfellows, but there are times and particular investments when the two fit together like a hand in a glove.
