If you own a large enough plot of land in the city or in the suburbs you will want to develop it instead of selling it outright. You can build your house and occupy it or sell the property to gain value addition. You could set up a commercial building here provided the local regulations permit it. If it is within a residential zone you could opt for development of multi-residential property with the help of multi residential architects.
It is boom time for multi-residential
Australians, especially the present generation, prefer a multi-residential unit to building a separate house. There are financial and other advantages to such apartment buildings such as lower costs of rental or ownership and better amenities as well as building management. You could get a low rise or a high rise multi-residential building designed by multi-residential architect. Your focus could be purely utilitarian, such as offering affordable housing or you could focus on something luxurious. Your multi residential architects create a design that suits the purpose.
Build to sell
There are more options when you consider developing property for multi-residential projects. The straightforward goal is to build and sell and make a project on multi-residential units. It could take some time to sell off all the units but you gain much more profit than you would by selling just the land or a single building on it. Further, you can claim GST credit but that is another matter as is the matter of financing for which you would need to start with a plan. When you plan to build and sell a different set of design factors come into play such as offering an aura of luxury inside and outside to fetch higher prices. It is well worth creating an air of exclusivity to attract wealthier sections.
Build to rent
Here again you have options. One path you can choose is to build luxury units that would fetch you higher rental. Occupancy becomes a question though. If all the units are not fully occupied all the time your revenue flow is affected and if you have a mortgage on the property then payments must be managed. The one positive thing about choosing luxurious multi-residential design is that you can later on change your decision to rent and simply sell the property to someone willing to buy. You could even consider lease and convert it to sale later. In this approach you have the freedom to build fewer units and reduce load on utilities. The other path is to build more units in a building with smaller spaces and a less luxurious approach. Your target is to offer affordable rental apartments on short or long term. This could also be influenced by the location of your property in the city.
In either case, it is a good idea to decide which way you want to go so your multi residential architect can create a design that fits with your goal. Jesse Ant Architects are the people to approach when you plan such development.
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