What we have learnt over the years...

Building on a subdivided block is not quite like building a new home.

There are a range of differences, including the application process and legal requirements, the bases on which design and building decisions are made, and the desired outcome.

The things to remember include:

• THINK LIKE A DEVELOPER - make your decisions based on cool logic, and keep your eyes on the prize. That means thinking out the whole thing first, and continually reviewing your plans. It pays to be flexible if the market changes.
• EXPLORE ALL THE OPTIONS - consider the basics such as whether you’ll be selling all the dwellings outright, living in one and selling the remainder, renting out any or all of them, or any combination of the above. The choices you make will impact on the level of specification you choose, and ultimately the amount of money you need to spend to get it right.
• USE OTHER PEOPLES' MONEY - if you have enough equity in your existing property(s), you may be able to finance the development without putting your hand in your pocket.
• ASK AN EXPERT - talk to someone who’s put together a lot of successful developments, like Stratawise.