Guest Post by Andrej Kovacevic
Goodbye To The Quarter Acre Block
Thirty or more years ago the standard Australian house was on a quarter acre, or bigger, block.
These days with real estate prices going up, populations going up, and no building land close to cities the typical Australian House is changing.
More and more of our suburbs are duplex, and even triplex blocks.
But investing in real estate is no joke as that property is one of the biggest and most important financial decisions that anyone can make.
So what are the options?
Splitting an Existing Block
It is often possible to fit an additional home on the same block while leaving the existing house intact.
This is a great way of gaining some extra money to make a pension go further, without the trouble of moving house.
If this is your preferred option you need to find a good design that will fit on the block, which may need to be double storey.
It worth visiting an expert in your city such as Duplex builders Sydney to get some ideas about designs and costs.
Knock Down and Rebuild
If you are serious about property development this is often the best way to go.
It might seem to be a waste of money demolishing a habitable house but by getting a blank site it gives you many more options.
In my local suburb it is usually easy to build three new units on a block, rather than be limited to a duplex development because of the difficulties of working round an existing house.
Again its best to talk with an expert who get help deliver an attractive development that can maximise your profit.
Buying a Duplex Unit
There are a lot of advantages in buying a new duplex unit rather than a having a house built on a new subdivision;
- Most duplex units will be closer to the cities, and jobs than new blocks a long way from cities.
- Buying in established suburbs means schools, shops, health service, and public transport is going to be convenient.
- The gardens will be smaller which means less time spent on lawn mowing.
One disadvantage over getting a home built is that you only see it when its finished which means that to protect yourself you need to be sure there aren’t any problems . . . . so make sure you get the property inspected