Wealth creation from your backyard is simple. Craigie and the surrounding suburbs are perfect locations to achieve this for 2 reasons.
- Many properties have very large backyards, and
- The Government is currently making it easier for you to build in your backyard.
Historically, we all had “the ¼ acre block” with a small house on it at the front and a big yard out back, which your Dad mowed with the old Victor mower on a Saturday morning. By the time Craigie, Padbury and Duncraig were developed block sizes were reducing, but by today’s standard they are considered enormous. Even when first developed in the 1970’s many blocks could have had 2 homes on them. Many of these backyards can still be developed, which gives you several options, including building a brand new home out back to move into, thereby allowing you to rent out the front home for income, or selling one of them for profit.
And to make things even easier the Government is currently reviewing the zoning for residential land in your area. Once this completed in the near future, you may be able to fit not one, but potentially two additional homes in the backyard.
- Review the zoning maps on the Joondalup council website.
- Frequently asked question at Joondalup Council and be sure to download the PDF plan on the right on their website.
The best point for you to begin from when you considering developing your property is to start with the end in mind.
What is the main reason you wish to develop your backyard?
Your finished home will be different based on whether you intend moving into it, selling it for profit or renting it out for income.
If it is for you to move into you’ll no doubt want to put in a few extra luxury items and features that you have done without for many years and now you are probably in the position of being able to afford them. Your current house may be too big, so you can now build a smaller more upmarket one which is better suited to your current needs.
If you are going to sell it, then who do you anticipate is going to buy it? The main groups of people out looking are couples who are either just starting out or who are just retiring, families with young children, families with older children needing more space than they currently have and singles or divorcees who want to stay in the area. Obviously completely different homes would be required. The available land in your backyard will help you make the decision. A smaller amount of land is going to mean a big family home may be impossible. So maybe a 2 Master Suite home is the best option as it will be appealing to Singles/Divorcees and Couples Young & Old. They can easily make up 50% of all people needing a home in your area.
To move forward and confirm what you can actually achieve involves you using the services professionals, bat as with all things in life finding the correct ones is important. So important in fact, that you should consider them as your Cornerstone Partners.
Why are Cornerstone Partners Important?
When undertaking a development project you would be wise to consider who will become your “Cornerstone Partners”, because they are the professionals who will make your project as satisfying and stress free as possible. They are:
- Your Builder
- Your Accountant
- Your Finance Broker and
- Your Real Estate Agent
Success Breeds Success
Successful people do not go to friends for professional advice. Successful people also know that cheap can be very costly. Successful people seek out other successful people who have knowledge they do not, and over time build strong business relationships, and sometimes friendships with them. So spend some time interviewing professionals, and once you are comfortable that they are trustworthy and operate ethically and reliably, you can move forward with your team in place. They are the foundation from which your project is built.
The major ongoing benefit that results from building relationships with ethical, trustworthy and reliable Cornerstone Partners is you not only increase your Wealth, but you do it using virtually none of your own time, because they know that by looking after your best interests you will continue doing business with them. They have no interest in making things difficult or unprofitable.
Remember Build Your Success...
In the footprint of those who are already successful. Alan Reay is successful. He knows his business, your area and would be valuable to you. Smartastrata is part of Peter Stannard Homes and we have been building homes for longer than Craigie, Padbury or even Duncraig have been on the map, so they know their business. They are successful. Call your accountant and ask if he or she has investment properties and whether they have undertaken developing. It would be a great advantage if they have. And do the same with your Finance Broker. If they do not measure up spend some time finding the right person.
Next Time... Find out why building trends have changed and what the future has in store.