Everything you need to know to create wealth with your land
Look out your window – you might see a lawn, but could it actually be a big green potential to build wealth? Here’s what our recent clients, a retired couple, achieved. They weren’t working anymore and had low incomes, but they had their home and some extra land. Instead of buying a smaller house, they turned their Greenhithe home into a million dollars cash and a brand-new home by choosing to subdivide instead of sell.
Now it’s your turn.
By subdividing with Sentinel Homes, you’ll have a partner working alongside you at every step. And that starts now – our first job is to answer all your subdivision questions and guide you through the process.
- How long does a subdivision take?
Patience is key when it comes to subdivisions. On average, you’re looking at around 2 to 2.5 years for the entire process. It’s the fastest timeline you could ask for, including 12 months to get necessary consent, 3-6 months for civil works like earthworks and laying pipes, and another 12 months for the construction phase. Of course, working closely and collaboratively with Sentinel Homes will always help streamline the process. When people go it alone, they often come up against unexpected roadblocks which cause delays and extra costs. But with us, there’s a good chance we’ve dealt with that issue before and know how to fix it quickly.
- How much does it cost?
Ah, the money talk. How much you spend on your subdivision depends on the size and complexity of the project’s section, area and design. As a rough estimate, a typical knockdown and build of three units in a residential area can range between $2 and $2.3 million. Costs can also vary depending on the specifications you have in mind and how you plan to use the properties.
- What am I allowed to build on my property?
Knowing the rules of the consenting game is essential, and each council has its own set. To get started, Google your local council and check out its regulations.
Just remember, council rules may not be black and white. Even if your idea seems challenging on paper, there’s still a good chance we can help. The council just wants to ensure that your new build will positively impact the area, environment and city as a whole. And that’s where we can help make your case.
- How much involvement do I have to have in the process?
Think of yourself as the CEO of the project and us as the experts and the grunt. We want you to make informed decisions and participate in the journey. It’s not a hands-off job, but for the kind of return you’ll see from subdividing, it’s worth committing the time to get it right! Here’s where we’ll need your input:
• Funding and accounting meetings. We help you align the project’s budget and financial aspects with your goals and resources.
• Design meetings. Together, we explore various design options, incorporating your feedback to create a home that reflects your style and needs.
• The big sign-off. Once we’ve refined the design, you’ll need to approve the entire project.
• Ongoing collaboration. You’ll get weekly updates and an open line of communication for questions, concerns and feedback.
- How much input can I have in the design?
Your input isn’t just valuable – it’s essential, especially if you plan to live in one of your new properties. We’ll spend time learning your goals for the project, lifestyle and preferences to design your ultimate home. If you’re embarking on this subdivision with family members, we can tailor each home to suit individual needs. Of course, if you prefer a more hands-off role, we can propose some great designs to suit your goals, budget and section. Here are ten ideas for designing a home in your style.
- Who takes care of the subdividing process?
Leave the heavy lifting to us. We handle everything from collaborating with planners and engineers to obtaining council consent. But we don’t do it alone – we’ll need you to make informed decisions so the results are everything you expect.
- Do I have to tell my neighbours what I’m doing?
You only have to tell your neighbours if we need their permission to access their property for service connections or if the design infringes council codes. But even if these don’t apply to your project, letting them know is the neighbourly thing.
- What is development funding, and how does it work?
Development funding is like having a specialised financial ally for your project, AKA the money you need to bring your project to life. Our team of funding experts will be there to make sure you understand the best possible funding pathways for your project at the time.
Oh, and guess what? You’ll get a free initial tax consultation with our trusted accountant for the correct structure from the get-go.
- Can I keep or sell some of the units?
Whether you keep or sell the units depends on your preferences, long-term goals and funding requirements. We’ll chat about what you want to do and find the perfect strategy to match.
- Can I sell off the plan while I’m building?
We recommend selling the finished product because it will generally go for more. But we can help you sell off the plan during the construction phase if you need to – your goals are our priority, and we’ll adapt our approach to suit them.
Lean on us
Subdividing may seem daunting, but with the right partners, it’s a rewarding journey. We’re here to guide you through the process, answer your questions, and bring your vision to life. Together, let’s make your subdivision dreams a reality.
Still have more questions? Give Sentinel Homes a call today!
