{"id":5472,"date":"2015-08-25T01:00:19","date_gmt":"2015-08-24T15:00:19","guid":{"rendered":"http:\/\/realestatetalk.com.au\/?p=5472"},"modified":"2015-08-25T01:00:19","modified_gmt":"2015-08-24T15:00:19","slug":"what-due-diligence-do-we-need-to-do-to-make-sure-were-getting-the-right-property","status":"publish","type":"post","link":"https:\/\/channels.realty.com.au\/realtytalk\/what-due-diligence-do-we-need-to-do-to-make-sure-were-getting-the-right-property\/","title":{"rendered":"What due diligence do we need to do to make sure we\u2019re getting the right property? – Bryce Yardney"},"content":{"rendered":"

 
\nIn today’s show\u00a0Bryce Yardney<\/strong>, from Metropole Property Strategists, helps us with the suburb due\u00a0diligence you need to do before committing to a development project.
\n <\/p>\n

Transcript:<\/h4>\n

Kevin:<\/b>\u00a0 Last weekend in the show, I was talking to Bryce Yardney about the due diligence you need to do to find the right suburb to do a development, and we\u2019re particularly talking about developments now. Bryce returns with me once again.
\nBryce, this time, I want to pick up on the conversation about once we\u2019ve decided on that suburb, what due diligence do we need to do to make sure we\u2019re getting the right property?
\nBryce:<\/b>\u00a0 Absolutely. The first thing I do when I\u2019m looking for a development is I start with the physical characteristics \u2013 with the size, the shape, the slope, the existing house on there, trees, power poles, driveways, all these physical things that can come in to play and restrict what you can do with a site.
\nOnce they all check out, then you have to start looking at all the other things \u2013 like your easements, your overlays, your title restrictions, covenants, planning restrictions, planning zones. You have to look at all these other things because, unfortunately, any one of them can be a deal breaker for developments, so you have to cover them all.
\nKevin:<\/b>\u00a0 In your opinion, what are the biggest restrictions to properties that will make then undevelopable, if there\u2019s such a word?
\nBryce:<\/b>\u00a0 One of the biggest things I come into \u2013 and it\u2019s something that is, I guess, a little bit unpredictable and sometimes people miss \u2013 is trees. Certain councils are not too bad, but for a lot of them, trees become sacred.
\nThere\u2019s a completely different set of rules. If you\u2019re going to buy this property to build your own home on, you can do whatever you want to it. You can knock down trees and build your home. As soon as you\u2019re putting two or more units on a single lot, it\u2019s a completely different set of rules. Now you have to go through council, now you have to get a planning permit, and now it\u2019s completely set of rules when it comes to trees and what you can remove.
\nIt\u2019s not just trees in your own property, either. You have to look at trees on neighboring properties, because they\u2019re all going to have a tree protection zone around them. You can\u2019t build inside that tree protection zone, so you\u2019ve got to keep in mind neighboring trees, as well, street tress, as well. Strictly, they\u2019re council property, they\u2019re not yours, in certain councils, street trees are scared. You have to be really, really careful. Probably get your arborist in there before you buy the property, as well, to get it all double checked.
\nKevin:<\/b>\u00a0 Bryce, if you see a development coming up down the road, or you see one, in fact, in the area that you\u2019re looking at developing that\u2019s been recently completed, is that a good sign for you?
\nBryce:<\/b>\u00a0 It\u2019s a good sign, but it\u2019s not the be all, end all. Especially in Victoria is a perfect example. We went through some planning changes just over 12 months ago. A development that\u2019s being built even right now, they could have got planning approval for that four or five years ago under the old set of rules. If you went and bought a property today and tried to get the same planning approval for that kind of development, you\u2019re now working under a completely different set of rules. You have to know the new rules inside and out before you get into anything.
\nKevin:<\/b>\u00a0 What are the site attributes that you look for when you\u2019re doing your due diligence?
\nBryce:<\/b>\u00a0 I guess you really got to have the end goal in mind. You have to know what you want to put on there, and then work backwards. You have to look at what\u2019s going to restrict you. Is it going to be the size? Is it going to be a tree on the property or the neighboring property? Is it going to be an overlay? Is it going to be a flood zone where you have to suddenly build up? And then your height restrictions are going to come in to play. That\u2019s the way I do. You have to have the end goal in mind, and then work backwards.
\nKevin:<\/b>\u00a0 Okay. Just to round us out, what are the biggest mistakes you see budding developers make when they\u2019re looking for a development site?
\nBryce:<\/b>\u00a0 Probably the biggest mistake is not having the right team around them, not doing their due diligence at the start and having someone on their team who can help them with that, can help them through their planning approval, can help them with their designs and their construction \u2013 I guess, trying to do it themselves.
\nIt\u2019s probably the biggest investment people are going to make in their lives \u2013 we\u2019re talking a couple of million dollars \u2013 so you have to have the right team around you to help you to get through it.
\nKevin:<\/b>\u00a0 Yes. If you want to contact Bryce and his team, you can do it through the website Metropole.com.au, Metropole Property Strategists.
\nBryce Yardney has been my guest. Bryce, thanks for your time.
\nBryce:<\/b>\u00a0 Thank you, Kevin.<\/p>\n","protected":false},"excerpt":{"rendered":"

  In today’s show\u00a0Bryce Yardney, from Metropole Property Strategists, helps us with the suburb due\u00a0diligence you need to do before committing to a development project.   Transcript: Kevin:\u00a0 Last weekend in the show, I was talking to Bryce Yardney about the due diligence you need…<\/p>\n","protected":false},"author":176692471,"featured_media":5473,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[10,13,25],"tags":[101],"class_list":["post-5472","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-kevin-turner-sponsored-channels","category-latest-story","category-sponsored-channels","tag-podcast"],"yoast_head":"\nWhat due diligence do we need to do to make sure we\u2019re getting the right property? - Bryce Yardney - Realty Talk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/channels.realty.com.au\/realtytalk\/what-due-diligence-do-we-need-to-do-to-make-sure-were-getting-the-right-property\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"What due diligence do we need to do to make sure we\u2019re getting the right property? 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