Duplex Project
Duplex, 610 sqm, R3, Wollongong Council, New South Wales
Do you find it challenging to work out the “highest and best use” for a potential development site?
Knock down or keep the existing house; subdivide and sell as land; or build? So many exit strategies to consider!
Whilst doing his due diligence around that, Terry Cui was in negotiations directly with the property owner with the intent of securing an option contract and long settlement period.
BUT what to do when the vendor goes MIA and stops responding?!?! Very tricky – he thought he lost the contract! EEEK!
However, all was not lost and Terry secured the deal. But his troubles did not end there:
- Architect not proactive, design took a long time
- Poor design created an unnecessary easement!
- Timber shortage – shopped around for 2 months to avoid price hikes!
- Construction time frame blowouts
- Confusion with 3D Render company
- Some material selections not consistent with render image…
- Getting 3D Renders wrong could mean delay in pre-sales settlements! Yikes!
This was not Terry’s first project – however there were still plenty of new insights to be had. Come along to this Meetup to find out what Terry learned along the way!