Property investing in Perth
What do you need to know about the settlement process for investment property?
There are many different ways you can invest in property including;
- buying a house/duplex/villa/apartment to lease out,
- buying a house to subdivide (keep house and sell off some land),
- buying a house to demolish and subdivide the land,
- buying land to subdivide,
- buying a commercial property to rent out
If you are buying a house/duplex/villa/apartment to lease out you can understand more about the process of buying property here.
If you are thinking of buying property to subdivide then here are some handy tips to consider:
- Do your own due diligence to know the zoning, Residential Design Codes (R-codes ) to ensure that the property will meet the requirements for subdividing
- May want to engage a surveyor who understands and can interpret land zoning and the R-codes
- Talk to local government about subdividing property and any special requirements
- Check if there are any specific sub-division fees applied by Local Government
- Property for subdivision must meet the dimensions, area and particulars of new lots (see the DPLH website)
- Research rental market
Make sure you have an experienced conveyancer supporting you with the settlement of your investment property.
There are a number of costs that you may incur when subdividing property, they include;
- surveying fees
- engineering costs
- design and planning fees
- statutory charges for applications
- service costs for access to water, power and electricity
- the costs associated with siteworks
- building demolition
- property construction,
- specific council contributions and
- Public Open Space (POS) charges
As a trusted and experienced Perth Conveyancer, I can support you with the settlement of your investment property.