Forum Replies Created
Ok. So if it were an even trade, would the stamp duty still apply? And apart from saving agents fees on selling our place and then again on buying hers, what other benefits are there…or is that it?
Redhaven
Thankyou EVERYone for your input and advice, it’s certainly great to hear your thoughts. So far we have a lady from the gold coast coming up tomorrow to view the block as her developer contact is interested, and another developer in Vic is interested.
We are taking this very slowly, one step at a time, because we know what we have is very unique, and in demand. But we would be happy to sell “for the right price”. Developing it ourselves (with or without partners) will remain an option until we assess what offers they come up with, if any.
Again, thanks heaps, it’s great to know I have plenty of brains out there to pick [biggrin]
Brett and Kerrie (Redhaven)
Fin, I would be fairly cautious with this decision. If you have 90K up your sleeve, could it be better put to use in another way? For example, purchase a house on subdividable land, or two titles, that you can immediately split? Recently we purchased a home on 3 acres, 230K, but we are splitting almost 2 acres off it which should bring in more than 120K after costs. This leaves us with a property that cost $110K and will rent for $250 per week.
To begin with it wouldn’t have been very cf+ but soon will be.
I personally would be hesitant to purchase a unit in a block of 30 unless they were stunning. And with body corp fees and all the other stuff that one has to cough up for, I’d take a very close look before I signed on the dotted line.
Redhaven.
The beautiful Darling Downs, Qld…inland of Brissy by 90 mins.
We are very, very blessed in that the main township is only 1.5km down the road, town water 1km, although would be at the corner post when the neighbours block is developed. No probs with demand for our blocks, the views are absolutely breathtaking and there’s nothing like it around. Yes the development growth predicted by council would certainly cater for far more than 400 blocks……far more. Other developments around the place but nothing offers what our block has in the way of views…
A person from the forum has offered to notify a couple of developers he knows, and this morning a real estate agent from the coast rang me regarding a property down there, and is going to tell a couple of developers she knows plus come and view the property????? so it looks like things are moving……..whether we take up any of their offers remains to be seen. I haven’t discounted the idea of getting some partners in.
Thanks.
Redhaven.
Thanks Queenstowner, I appreciate the feedback. I hadn’t thought of going in with partners…so used to us doing everything ourself I guess. So if the developer who bought the 300acre lot next door paid 3.3 million how much can he expect to make? Ball park of course…? Both the lots cover 3/4 of a small mountain, we’ve seen much steeper slopes all sliced up into 1/4 acre lots. Figure it would probably be cut into 1/2 or 1 acre lots to tie in with the semi-rural area.
1/2 acre lots here are going for 75K and upward, and 8km away, 1/4 acre lots are 100K. Roughly what does it cost to service a development? It’s interesting to consider your idea…certainly food for thought. Thanks!
Redhaven.
Thanks! Will try there also.
Where do I go in Qld to get Landlords Insurance? A real estate agent told me a few years ago I could only get it through an agency who was handling the rental…however, now I handle my own rentals so I’d love to be insured! Any ideas? I will ring Suncorp for starters on Monday.
Red.
Thanks for the substantial feedback. I appreciate your time. I spoke to a surveyor up here prior to reading your post; it’s $200 to do the prelim draft for council, and if they agree then it’s $2000 to do the subdivision and have the pegs etc done, and the 3 titles done. Maybe I have my head in the sand here, I will check and verify these prices are conclusive and comprehensive!
As far as roads are concerned, it has two road frontage back and front to a bitumen road, with power, water etc right there. With the access road from one side of the block to the other, I simply planned to do in a decent quality gravel, like most of the surrounding homes have. It is a semi-rural township. It needs a 40m frontage for each block and ours has 50m one side and around 70 the other side, so I thought it feasible to do two battleaxes down the back, one with access from the back road, the other from the front road.
I appreciate the idea of smaller blocks, but the standard around is generally, in our street, 1-3 acres, although major subdivisions going in around abouts, are anything from 1/4 up to 2 acres. It’s worth checking out, so thankyou, I will enquire at the council.
Anyway, this is our first time out on developmental waters, and at the time of my post I was hoping and praying we really were doing the right thing. Since then have spoken to our legal and financial advisors who have assured us this is a good move.
One thing we did decide to do was buy in a family trust name which our accountant has applauded.
Thanks again for your advice, it is appreciated.
Red.
