What to Do with Vacant Back Lot Land for The Next 10 Years?

Hunter14 on 07/05/2018 - 14:13

Hi OzB family,

Happy Monday!

So I have about 700m2 of land which I intend to sub-divide - battle axe style.

I’ll build a house on the front lot and leave the back lot vacant for a future second house. Don’t have the funds to currently build two houses at once.

The back lot will likely be vacant for the next 10 years. It’s almost 300m2 of vacant land.

I’d like some ideas on what to do with this piece of land in the meantime. Hoping for some serious suggestions but would welcome some funny/sarcastic ones too!

Thank You.

Home & Garden

Comments

  • [Deactivated] on 07/05/2018 - 14:21
    +7

    herb garden ͡° ͜ʖ ͡°)

    • Hunter14 on 07/05/2018 - 19:05
      +1

      Haha, I knew this would be first comment. Well done, sir.

  • pointy1 on 07/05/2018 - 14:27
    +1

    Caravan Storage for retirees, dump a few shipping containers on it and have other storage.

  • Hybroid on 07/05/2018 - 14:28
    +1

    Crop farming, specifically Papaya according to these guys: https://player.vimeo.com/video/265663246?app_id=122963

  • Almost Banned on 07/05/2018 - 14:31

    Put a caravan on it and rent it to overseas students?

  • JimB on 07/05/2018 - 14:36
    +1

    I've subdivided before so know a little bit.

    If you plan on subdividing, you should get a planning permit for both now.

    No point building one now and then hoping you may get a planning permit for a second one later on. Getting a planning permit for both now will assist in maximising the overall house sizes.

    You can still build one and then apply for extension to the 2nd dwelling planning permit, they generally expire after 4 years. Be careful as future changes in planning laws may mean if you let the planning permit expire, you will have to adhere to the new laws which may mean the 2nd house will be 10-20% smaller.

    You planning on selling or renting out the back one?

    • Hunter14 on 07/05/2018 - 14:47

      Thanks for the advice mate! The plan is to live in that front block for the next 10 years and likely build the second one for renting. Ideally, 20 years from now both houses will be for rent and I’ll be living elsewhere. The plan was for the second house to always be smaller as it’s seen as future investment.
      And yes, I have got the builder to liaise with the council to comply with the requirements for a sub-divide eg. Leaving a 3m second driveway etc.

      Can I ask if you lived in the front block like me when you sub-divided? What was your experience like and what would you do differently?

      • trapper on 07/05/2018 - 15:05

        I would carefully check out the tax implications, ie, the land value of the back section might be hard to convert into a tax deductible loan in the future. Not ideal if you want to extract the most benefit from owning a rental.

      • JimB on 07/05/2018 - 15:29

        I lived in the front, and then built & lived at the back.

        It's not just about leaving a 3m driveway. In Melbourne, you'll have to consider drainage. To get approval for the back property, you'll may have to rip up the driveway to install a larger stormwater pipe and/or detention pit. You may as well have provisions for a larger storm water pipe or detention pit now to save you a lot of money and headaches later one, ditto with sewerage, power and gas.

        I'd have all the approvals for both now. Build in the front. Then build at the back, or sell it to a developer.

        Experience was fine, I did the back as an owner builder, not sure I'd do anything different.

        PS, I preferred living at the back, more privacy.

  • dasher86 on 07/05/2018 - 14:36

    special plantation.

  • myusername on 07/05/2018 - 14:53
    +1

    car park

  • keepa on 07/05/2018 - 15:22
    • Car park for trucks
    • Buy a bungalow / granny flat and rent it out
    • Charge for storage - people have machinery that they can't always leave at their houses
    • Hunter14 on 07/05/2018 - 19:07

      All good ideas but probably not too keen on keeping someone's machinery or cars in my backyard. Screw it, I'll turn it into a mini futsal court :)

  • Diji1 on 07/05/2018 - 16:53
    +2

    Depending on where you are: parking lot.

    • Hunter14 on 07/05/2018 - 19:04

      Unfortunately near a shopping centre so there's ample parking everywhere.

  • Kangal on 07/05/2018 - 17:45
    +1

    Plant trees, save environment, sell trees later on.

    PS Could be fruit-bearing trees.

    • Hunter14 on 07/05/2018 - 19:07

      I like it! Mangoes for days…

  • eXo on 08/05/2018 - 15:44

    good grass grows? buy some cattle and let them graze there, fill up water twice a week and some hay bundles once a week.

    fast forward 6-9months and have cattle collected to be paid by the kg.

    simples!

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