For many Australians, investing in real estate represents an excellent opportunity to rapidly climb the property ladder and increase wealth. One of the ways that this can be done is by subdividing a block of land. This may be land that you already own and have a home on, or it could be a property that you have bought or are planning to buy as an investment.
Subdividing a block of land can be a very profitable enterprise. You can simply sell off part of the block, or you can develop the newly created block by building a single or multiple-dwelling structure. Either way, it's an excellent way to make a significant profit on your investment.
Subdividing a block of land is quite common, but it's not a straightforward process. It involves a considerable amount of time, administration and expense. If you're hoping to subdivide a block of land, here are the two initial steps you'll need in order to make it happen.
1. Have the land surveyed
Before any other action can begin, you'll need to have the land professionally surveyed by a surveying company. This will give you precise knowledge of the land size, which will let you determine whether the block is large enough to be subdivided according to your local council's subdivision and zoning regulations.
A survey will also give you more insight into any features of the block that might prevent you from subdividing it. This can include culverts, storm drains, easements and other encumbrances that would prevent two or more dwellings from being built in compliance with local building laws.
2. Engage a solicitor
If the survey of your land shows that it's adequately sized and free of any encumbrances that would prevent subdivision, the next step is to engage a solicitor. The solicitors that deal with the subdivision of land are known as conveyancing solicitors, and you'll need their skills and legal knowledge in order to determine whether a subdivision application to your council is likely to be successful.
Your conveyancing solicitor will be able to tell you whether there are any historic or recent covenants on the land or the area that rule out subdivision. They can also help you navigate the legal minefield of the application process and help you to create the legal paperwork that's needed to create one or more ownership titles for the new blocks you create.
Contact a company that specializes in subdivision for more information.