My father owns a beautiful 16 acre deepwater lakeside property on the south coast NSW.The property will be inherited by myself and three siblings and my father has expressed a wish to have the property to stay intact. The usual thing is the property is sold off to a developer who chops it up.( the cake is eaten). I would like to explore other options to keeping the property and earning income from it without damaging the rare beauty of the place. some options are ecolodge with a head lease.Summer camp again with headlease.Timeshare arrangements.
No offence intended, but if I was your father, I would structure a will so that the property will have to remain in tact as he has made clear or those supposed to inherit it lose the lot. Just because you have property, does not mean it has to be used to earn income. Put it in a trust and call it the ‘Family Estate’. Keep it as is for future generations of your family members to enjoy. I would love to have a site like this that could never be changed until the end of time!
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 LtdThanks for the reply Robert, but a Family trust forever is not a practical solution as a 16 acre property zoned residential requiring a lot of rates and land tax not too mention upkeep.
I am looking for independant management and some income stream. Keep the cake and eat it too.
Thanks IanHow has it all been paid for until now?
I thought it would be zoned rural or rural residential. When you put it that way, I guess making some money out of it would be wise.
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 LtdThankyou for the reply Robert .
My father pays for out goings as principal residence and has pensioner discount on rates.
Zoning is rural residential.
The solution I am looking for is ecollogically sutainable development that will keep this very beautiful property intact but viable for the long term.
Ian LakeCaravan Parks are apparently great earners in good spots and don’t require much development and only a relatively small parcel of land. Maybe this might be a good solution. If you don’t want the headaches, let someone else set it up and pay you annual lease fees.
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 Ltd
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