In the fast-paced world of property development, one cannot afford to overlook the importance of due diligence. To ensure a successful venture, it is crucial to align local council regulations with the vision for the property, but more importantly, to do your research diligently.
In this episode, our host, Moxin sits with Cheryl to stress the importance of pre-acquisition property development due diligence. Scrutinizing every aspect before and after sealing the deal is paramount.
A cautionary tale emerged when a developer was refused permission to construct a duplex due to lack of due diligence. This highlights the significance of being well-prepared.
Factors like bushfire zones, flooding, and zoning play a pivotal role in property viability. Talking to neighbors and obtaining intel from the area is invaluable.
Local council rules are crucial, especially in areas like Victoria, where they supersede risk code requirements. Timing is essential, as water and sewer infrastructure may not be ready in some greenfield areas.
Slope and soil composition are critical considerations, influencing stormwater management and building costs. Dealing with mining subsidence and contamination requires remediation.
Property development is challenging, requiring creativity and attention to detail. Success lies in navigating due diligence with knowledge and expert advice. Thoroughly understanding regulations and environmental factors is key to success. Being prepared and respectful will lead to lucrative opportunities in the property development landscape.
Listen to the full episode to discover how due diligence can pave the way for successful property development. Don’t miss out on expert tips and advice!
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Episode Highlights:
- 00:00 Welcome to Helpmebuy Property Podcast
- 03:16 How Do You Know When to Walk Away From a Deal?
- 07:45 Trees and Easements
- 10:25 How Bushfire Zones Affect the Landscape
- 16:17 Local Council Rules and the Risk Code
- 21:42 The Importance of Due Diligence
- 24:25 Mining Overlays and Mine Subsidence in Victoria
- 30:10 Electricity Poles, Bus Stops, Storm Water Pits, Zebra Crossings, Etc
- 36:07 The Importance of Traffic Reports and Traffic Management on a Development
- 39:41 The Importance of Precedences in the Planning Process
- 45:16 Heritage Listings and Cultural Heritage
