Case Study – What the Park? How EzFeasy helped avoid a NIGHTMARE with a property for sale in NSW
When considering a property for sale in NSW, it’s vital to understand the full potential and restrictions of the site. At EzFeasy, we offer detailed feasibility reports that help buyers make informed decisions before committing to a purchase. In this case study, we showcase how our expertise saved one client from making a costly mistake by purchasing a property that was unsuitable for their goals.
The Client’s Brief
Our clients were excited about a property for sale in NSW and approached us to find out if it suited their development plans. They wanted to explore whether they could renovate the existing dwelling, knock it down and rebuild, or add a granny flat to the site. Before heading to auction, they sought a comprehensive feasibility report to ensure the property was suitable for their long-term vision.
The Shocking Discovery
As part of our detailed analysis, we uncovered a crucial detail: the property for sale in NSW had recently been rezoned as a park. What the Park! This zoning change dramatically altered what could be done with the land:
- No Residential Extensions Allowed: The existing house could not be extended due to the new zoning.
- No Rebuilding Permitted: If the current house was knocked down, it could not be rebuilt as the zoning prohibited residential structures.
- No Additional Dwellings: Adding a granny flat or any other residential accommodation was not allowed.
This property in Blacktown NSW was part of the council’s long-term plan to acquire the property for future park redevelopment, which meant our clients would not be able to use the property for residential purposes as they had hoped.
The Financial Implications
In addition to being unable to develop the property in Blacktown NSW, our clients faced another financial hurdle. When the council eventually acquires the property, the value may not be based on its use as a residential home it could be valued as parkland. This would likely result in significantly lower compensation than if it were valued as a property with residential potential.
The Outcome
Thanks to EzFeasy’s thorough site assessment, our clients were able to make an informed decision and chose to walk away from the auction. Without this critical information, they could have ended up with a property that didn’t meet their needs and faced a future financial loss.
Take Away
If you’re considering a property for sale in NSW, don’t risk buying without understanding the full potential and zoning restrictions. At EzFeasy, our Feasibility Reports provide crucial insights into site conditions, helping you avoid costly mistakes and make smarter investments.
Interested in learning more? Let us help you assess the feasibility of your next property before you commit.
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