Hello Every one,
I have 2.52 Hect, North Side of Brisbane, Zoned future urban with tarred road, and all head works running along the border of the property. The development next door to me has been completed about 5 years ago and my ground is the next for developmemnt. What do I do.
Morgage to date $380,000
Large 4 bedroom house etc etc, and in ground pool.
I have offer on table for $1,750.00, subject to D.A approval 12 months, 5% non refundable deposit.
I have done exstensive work with the council, D.A WILL BE APROVED FOR VARIOUSE USES.
What do I do sell or try and rise the funds to subdivide my self, or sit on the property.
My e/mail: [email protected]Hi Robin,
You’d better be careful or you might find that inbox clogged with offers from fourites here
I’d subdivide and sell the blocks off myself if I could afford the costs involved. Otherwise I’d accept the 1.75M offer (or perhaps negotiate for 10% or a shorter settlement) and move on to other investments.
Regards,
SonjaI would subdivide and sell off the plan house and land packages.
If you have been offered that amount of money then sure enough there is room to make lots more. No developer is coming in to make nothing.
Saying that, you may find that 1.75M today is good money for you to continue investing in other deals. Something to think about I am sure.
Byronent
Adelaide SAWhy TRY and raise the funds yourself????
You already have them. If you only owe $380,000 on a 1.75 million dollar property, you have over about a million dollars accessible to you. I am sure you will not need anywhere near this much just to subdivide. Just borrow the costs to subdivide if you think you can make the repayments until the lots starts selling (if they are in demand).
Finance for this is not hard!
Robert Bou-Hamdan
Mortgage Adviser
http://www.mortgagepackaging.com.auFREE Finance-Related Newsletter – Click Here
Comments made are of a general nature and should not be construed as individual advice.
© 2004 Mortgage Packaging Pty Ltdjust to clarify, if the development next door completed 5 years ago as per your post – how much demand is there????
what is various uses, it sounds sub standard to residential – maybe not, but maybe you could share this info before any more ‘advise’ is offered.
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