Hi there,
I've found a property for sale in the Wellington region that is actually two seperate 3 bedroom properties on the one title. The rent is around $650 for the two properties (Both are currently rented with tenants being there around three years) and I think the purchase price will be around $420K, so pretty good return. The two properties are in okay shape, but could do with a bit of work. Looks like the past owner relocated another 1960s property onto the section around five years ago and has approval from the council for subdivision, but never completed the subdivision.
I don't know much about subdivisions etc., but just wondering what would be involved and what it would cost to complete it. Has anyone brought a property like this or subdivided in a similar situation? Also what sort of due dilligence I should be doing before I buy and things to watch out for.
Thanks
I've found a property for sale in the Wellington region that is actually two seperate 3 bedroom properties on the one title. The rent is around $650 for the two properties (Both are currently rented with tenants being there around three years) and I think the purchase price will be around $420K, so pretty good return. The two properties are in okay shape, but could do with a bit of work. Looks like the past owner relocated another 1960s property onto the section around five years ago and has approval from the council for subdivision, but never completed the subdivision.
I don't know much about subdivisions etc., but just wondering what would be involved and what it would cost to complete it. Has anyone brought a property like this or subdivided in a similar situation? Also what sort of due dilligence I should be doing before I buy and things to watch out for.
Thanks
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