Property development is an excellent investment opportunity for those who are seeking a high rate of return. Construction is on the rise, and statistics show that a granny apartment, or even adding a small extension is bound to increase value by a great deal in a span of months. Property development is somewhat riskier than other investments, but the potential returns are substantial!
The Coffs Coast has one of the most challenging housing markets in the nation. In a competitive housing and land market, those willing to build rental properties stand to gain. With more land becoming available in Moonee, Nambucca, Urunga and South Coffs Harbour, there are numerous opportunities for individuals to begin investing.
Before making a decision, those who are considering entering the property development industry must carefully weigh the risks and rewards. If you want to find a site that has the potential to make you money, the first step is to learn how to purchase the property with the most potential; you will want to ensure a high return on investment.
There are several considerations to make.
It is essential to conduct research and comprehend the market before investing. By researching the type of housing that is selling or is needed in the area, you can ensure that the properties you develop will appeal to the local market.
There are numerous possible construction types, including single- or double-storey options, duplex or dual occupancy, granny flats, home offices, and accessible housing layouts, among others.
Consider locations that are centrally located and easily accessible. These locations will be more likely to attract tenants or buyers, and you will be able to charge higher rents or prices. It is also a good idea to seek out properties that are close to conveniences such as schools, hospitals, and shopping centres.
On a large lot or property, you may be able to obtain approval for a second dwelling or even demolition and rebuild of your current home. Perhaps the existing property could be subdivided for construction.
You will need to develop a solid plan for the property's intended use. Will you construct and sell? Or construct and rent?
The cost of construction is also important; if the site is too costly to develop, e.g., expensive site works, the project may not be worth the time, money, and effort invested. Which contractor will you hire for the project? How long will you have to wait for that contractor to begin construction?
Do you have bank or financial institution pre-approval for your project? What financing options are available for the residences? What is the potential return on investment, taking into account all costs?
If this property does not sell or rent, is it a place where your family could reside?
Consult with the local council to determine the wait times for such a development and the approvals required for the area.
Among the dangers of property development are:
If the project does not go as planned or if the market changes unpredictably, you may incur a financial loss.
Legal risks: There are numerous regulations involved in real estate development, and if they are not followed carefully, you could face legal issues.
Do you believe that property development is feasible for you after considering all of the preceding factors? It can be a very lucrative endeavour, and we believe it is worthwhile if undertaken at the right time and in the right place.
On our website, you can view a variety of home styles, including granny flats, duplex designs, dual occupancy homes, home office designs, single-level, and two-story homes.
Integrity New Homes also offers an outstanding selection of standard Designer Inclusions (insert click button here) from reputable companies such as Bunnings, Reece Plumbing, Laminex, James Hardie, B and D Doors, and PGH Bricks, to name a few.
If you are looking to start your property development journey in Coffs Harbour or the surrounding areas, we specialize in assisting you to plan, design, and create the most suitable investment for your budget and requirements.