Hi all,
HELP, totally new to this world of property and looking for some wisdom.
My in-laws live on a large block of land in a private court in Rochedale South, Bris, QLD. They have said that my husband and I are welcome to build another house, to live in, on their property. I am wondering if subdivision is the only way to go about this? Silly question??? Told you I was a newbie.
If divided, their portion of the block would be 900sqm and ours would be 800sqm.
Be kind to the new girl
BecHi Bec
Welcome to the forum and I hope you enjoy your time with us.
No subdivision is not the only way to go but certainly the cleanest way.
Assuming the Title is in there name there is nothing to stop them applying for a loan and building on the property (assuming their lender allows multi properties on the same Title) and you making the repayments.
Less security for you even though it is your inlaws and not my favoured away at all.
Certainly assuming the property can be subdivided it is the way to proceed.
In saying all of this end you have to be happy living next door to your inlaws !!!!
Richard Taylor | Australia's leading private lender
Richard, Thanks for the reply. Mind if I pick your brains some more??
If my in-laws already have the funds to build a second home on their property without need for a loan, would building without subdivision be the cheaper options for them? Would they be able to subdivide later on?
What con’s would you foresee regarding this option? My husbands family are immigrants, and living a ‘stones throw’ away is the culturally done thing, so the close living proximity wouldn’t be an issue.
Thanks Bec
Hi Bec,
It seems, on the face of it, the land is fit for subdivision (it is probably large enough). In fact, it's possibly large enough to subdivide into 3 allotments – I'm sure that would make some interesting dinner table conversation.
The LTO will no doubt want some money for the transfer of title, and in any case it's probably a good idea to ascribe a value to the property even if it's being gifted to you.
But before you get down to the details you need to ascertain if the property can be subdivided in the first place, and the planning department of the governing council is a good place to start. Simply ask them if there is anything precluding the subdivision of the land and the construction of a second dwelling.
Remember to speak to council about other requirements before you start planning too far ahead. For instance, you might not be allowed to build within a certain distance of a fenceline. There might be sewer mains under the ground that you are not allowed to build over. There might be height restrictions. There might be minimum "back yard" dimensions etc etc.
Jacqui Middleton | Middleton Buyers Advocates
http://www.middletonbuyersadvocates.com.au
Email Me | Phone MeVIC Buyers' Agents for investors, home buyers & SMSFs.
Bec
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