Unlocking the wealth potential within your existing property is a popular move among many Perth homeowners.
Zoning changes are enabling many people to unlock investment opportunities in their front or backyards by building a house behind a house (otherwise known as a rear strata) or a front strata (house in front of a house).
Homeowners with large blocks can live in the comfort of their home whilst undertaking a relatively easy development, making it a popular choice for first time developers.
Once the development is complete you have the option of renting the property out, selling it or living in one.
Options for building on your existing property
- Keeping your current home and building in your front or backyard.
- Demolish your existing home and develop the entire property.
Benefits of developing your front or backyard:
- If you do your research and carry out a feasibility study, developing your property can be a profitable venture.
- Turn that high-maintenance backyard into a healthy profit and make your land work for you with increased equity.
- It can generate multiple rental incomes. If you subdivide and create a duplex or triplex development, you can double or triple your investment income.
- Remove the added worry of sourcing alternative accommodation whilst building your added property.
- Sourcing finance and gaining council approvals is generally more straightforward than other types of developments.
Can I develop my front or backyard?
The experts at Summit can help you in your journey to find out if this development opportunity is right for you.
The team specialise in subdivisions, including triplex, strata and duplex developments and are able to assist you in determining the best way to maximise your site’s potential.
They can discuss the regulations of the Residential Design Codes of Western Australia, commonly known as ‘R-Codes,’ and what developments your local council permits.
Thank you to Summit Homes Senior Development Consultant Ewan McConnell for your tips for this blog.
INTERESTED IN DEVELOPING?
If you would like to optimise, secure and protect your wealth, speak to one of our senior development consultants today.