New property developers and uneducated property owners can be completely wrong when deciding what is the highest and best use of a property. They tend to think that jamming more dwellings into a property makes it worth more money which is not always the case.
Another mistake mum and dad property owners make is getting development permits and thinking the permit will always increase the value of a property, again this is not always the case.
If you’re interested to find out all the “facts” about highest and best use of property, you’ve come to the right place.
Listen to Bob Andersen, the “Google” of property, as I usually call him, discuss the facts and fallacies behind evaluating the highest and best use of a property.
Tune in!
Episode Highlights:
- Introduction [0:00]
- Bob’s description of the highest and best use of property [1:19]
- Can a property have more than one value? [2:06]
- Is it wise to assume that the more properties you jam into a piece of property, the more money you make? [3:13]
- Evaluating the different uses of property according to the highest and best use [7:07]
- In the current market, what’s the present opportunity if we’re looking at highest and best use? [11:55]
- The risks of purchasing a site on a future sale price against a current acquisition. [12.40]
- Bob explains the Sydney Melbourne correction in 2017 and how some people got caught. [13:09]
- Bob explains why most of the time you won’t really need a development permit for your property [13:31]
- Highest and best use of property by adding extra properties [18:28]
- What is the highest and best use of a property? [20:00]
- Know your local market and build according to it [22:02]
- Bob’s advice for property developers around highest and best use of property [22:59]
About Bob Andersen:
Bob Andersen is the founder of Property Mastermind; he is a member of a select group of Australian property developers who have been involved in over $1 billion in successful development projects over the last three decades. Bob’s success in property development has become life-changing, and he wants to share his knowledge and experience with everyone who is willing to learn the secrets of property development. Property Mastermind exists because it gives him great satisfaction to see students get massive change in their finances and lifestyle.
Resources:
- If you’re interested in winning a free copy of the book “Secrets of Property Millionaires Exposed”, go ahead and leave a comment or send me an email. We’d love to hear from you!
- Every week, Hilary is inclined to give away a free coaching session. Feel free to send her an email at hilary@propertymastermind.com.au
- If you liked this episode, or have any comments and/or suggestions on how we can make this better, don’t hesitate to send us an email. For questions/things you’d like us to cover and discuss in this podcast, again, you can send an email at hilary@propertymastermind.com.au
Connect with Hilary Saxton:
- Property Mastermind Facebook: https://www.facebook.com/PropertyMastermind
- Hilary Saxton Facebook: https://www.facebook.com/HilarySaxtonCoach
- Instagram: https://www.instagram.com/hilarysaxtonproperty/
- LinkedIn: https://www.linkedin.com/in/hilary-saxton/
- YouTube: https://www.youtube.com/channel/UCt31KlQu9azoojEHPLvXgmA
- Property Mastermind Website: https://www.propertymastermind.com.au/
It has been a pleasure! And we look forward to seeing you in the future episodes!
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