Hi Everyone – Heres one for ya!!
Brother is building a $400K house on his land which currently has a house with tenant on it (Bayside Brisbane). He wants to get rid of the existing house and is offering it to wife and I for $10K. To move the house and raise it is($35K). We were thinking – put it on some land raised to legal height and then sell it at market value to make a profit.
It is a good post war house – new bathroom and kitchen, painted inside and outside, polished floors, 3 bedroom.
Have found some suitable pieces of land for under $200K.
We have estimated about $250K required for the job But the problem is now finance! [blink]
We are both students. I am in my final year of Law and have a job already lined up for 2006. We both work regularly and receive Austudy . But I also have been gifted $40K this year and have $15K available. Altogether we gross about$65K this year (Gift included). We have no current liabilities/payments.
So 2 Questions?
1. Is the concept of the house removal a good one?
2. Does anyone have ideas on finance?
Any comments/ ideas greatly appreciated
[biggrin]Thanks
QuiribyboySeize the day – and dance the tango with it!
Hey there,
Perhaps you could try some or these suggestions?
– Try to see what a comparable home similar to the one you are looking at placing on the land is actually selling for – be careful not to get suckered into the asking prices of sellers as we know how dreamy they can sometimes be).
– Work the numbers and see if it is a good deal.
– work out a time line project plan
– enquire atteh local council for council approval and time frames.
– make a list of all costs and get quotes on sewage, electrical and water supplies as well as piling etc.
– find out if there is a real demand in the market for this type of home-no good having a pigs ear in an area that has the keep up with the joneses type houses or as some say Macdonalds houses.
– once you have found out the above and the deal still looks good…..You could negotiate settlement on a low deposit and coincide your settment time as the same as onselling it settlement once relocation of house is complete.
or
Negotiate an option on the land for the same period or longer soas you can onsell once relocation is complete or close to it.
or
for the house itself…. you could agree to a capitalising loan for the house for say six months at an agreed interest rate (put $500 to 1,000 on it as an act of good faith)Or
Bring in the house movers as a part interested party to get the moving done as thier contribution to a joint venture and then you agree on a profit percentage split once house has on sold.There are a myriad of things that can be only limited to your imagination and willingness to just get out therer and do it.
Hope this gives you some fantastic ideas.
Cheers,
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Great Advice!
Will follow up on them and let you know how I go!
Cheers mate![biggrin]
Quiribyboy
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