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Kings Langley is already nice area. Wont change much I think Kings Langely has it own DCP so restriction on what you can and cant do. Due Sikh Temple prices are already gone up and it will keep going up.
Council approval cant cost between 20-30K relaying of which type of report need to prepare by experts (statement of environmental effects, stormwater, geotech, traffic, asbestos, noise etc).
Demolition can cost around 10K. Basic services cost 15K (sewer, electricity, water).
Not able to make comments on construction & landscaping costs.
Also consider Capital gain tax, GST, real estate fees, advertisement cost, rental cost (while units develop).
Thank you Corey,
Your comments made perfect sense. Thanks for explaining in simple term.
Once you demolished that PPOR you lost the CGT benefit and CGT will apply because ATO see this as business. 10% GST will also apply. DA can take lots of money and time if development is not straightforward. You need to add 10% money for unexpected issues. If your are not developer and doing it as daily business than you may not see much money in development. I would prefer to apply for DA of Subdivision and sale it as development site. That’s how you will get quick money with CGT and GST. When you consider all associated cost. you will realised that nothing much left for you.
Call Duty Planner or visit Council to see duty planner. They provide free advice of permissibility of the proposed development.
Hi Corey,
Can you please explain it to me with example if possible.
Details below Offset – $80,000, Loan at PPOR 486,000 and Market Value is $650,000. IP loan required two x $ 400,000.
I was under impression that if I over pay my mortgage at PPOR and convert my home to IP in future whole loan will not be tax deductable. I have intension to convert my PPOR into investment in future.
Appreicate your time and efforts.
Thanks
