Hi All,
I have a property that’s only about 15m2 less than what’s required for a duplex block. Assuming I can get approval for this can I get more by selling the property as it is or demolish it, subdivide and then sell each of the lots off.
The house was built in the 1960s and is located on a corner block. If sold as is then it would require some painting, landscaping and general minor repairs but nothing extensive.
Can anybody offer any suggestions?
Thank you.
Hello Casper
I don’t think that it’s possible to answer the question this way.
You have to get the numbers and compare. For example what will it cost to do the renovations you mentioned and what is the expected (realistic) sale price after reno.
What is the price of demolishing and then subdividing the block and what will you then get for each block. Will they be sellable? You didn’t say how big the current block is. Is it possible to keep the current house and subdivide the back out or is the house in the middle of the block. Don’t forget to calculate your holding cost as well.
Given that you will pay CGT on either option when you sell make sure it’s worth the risk/effort.
I have never done any subdivision so I am anything but an expert.
Hope this helps [smiling]
Elka
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