All Topics / General Property / Dual occ permit increasing valuation?

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  • Profile photo of Misty1Misty1
    Member
    @misty1
    Join Date: 2004
    Post Count: 348

    Does anyone know if having a permit to do a dual occ would increase the valuation?
    Also,would it increase it even more if it was a permit for a sub-div??
    Does anyone have the experience of this happening?
    If so,would you care to share how much of a val difference it made,pls??[greedy]

    Profile photo of melbearmelbear
    Member
    @melbear
    Join Date: 2003
    Post Count: 2,429

    Misty, I haven’t done it, but I believe it adds value to a place. Because it takes time to do (in some instances 12 months), and costs money, for a builder developer who can get straight in and build it’s great.

    Even for an owner builder it would be good. However, the price still has to leave some value in it for the buyer to make their own profit from the building and sale of the second residence, or else it won’t be sold. I’ve seen a LOT of for sales lately that are only ‘able to be dual occ’, but are massively overpriced, and nothing has been done. I don’t think they’re selling in this current market though…

    Cheers
    Mel

    Profile photo of 1HotValuer1HotValuer
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    @1hotvaluer
    Join Date: 2004
    Post Count: 73

    Yes, having Council approval does increase a valuation. Beware of properties that are sold ‘subject to council approval’ or ‘STCA’. You may not be able to get council approval if you purchase the property.
    I have an example. 2 residential lots next door to each other, sold separately, valued at $300,000 each. Same lot as a townhouse site with Council approval sold for $900,000.

    Profile photo of Misty1Misty1
    Member
    @misty1
    Join Date: 2004
    Post Count: 348

    Wow! I like the profit margin on option #2!

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