Hi,
I'm looking at purchasing a property…..purely for the land for capital growth, but also to build a PPOR. The house on the land is classified as not servicable and therefore couldn't have tenants. My aim is to purchase this block/house as an investment prpoerty and commence a knock down/rebuild. Can anyone advise if this is possible? Can I do this immediately upon purchasing or would I have to wait for twelve months. Thanks in advance. Cheers!
Can you please provide more information on where the 12 months time frame is from ?
Is there a first home owners grant involvement? (if yes you need to live in the house for 6 months within the first 12 months)
If you have first home owners grant involved and you are going to demolish and re – build you want to check with the local state revenue office on if this is ok or not to be eligible for FHOG.You have a conflicting objectives in the question
to build a PPORand then
My aim is to purchase this block/house as an investment property
You will need to lodge and wait for demolition permit to be approved by council –
You need plans drawn up for building permit application.
You will need to lodge and wait for building permit to be approved by council.You may be able to check with local council on typical time frame for gaining approval for these permits.
May be useful to employ a local private town planner to know what is involved and for them to submit the necessary permits and plans to council.
Whole development / project could take at least 18 months to complete.
Hi, Thanks very much for your response. The aim to buy the house/block as an investment property was for the tax advantages (i.e. claim the interest, etc) and beacuase, as you mentioned also, that it could take 18 months for approvals, etc to redevllop the site. At least during this period where it couldn't be tenanted, we could claim the interest, legal fees, etc. One concern was whether you were required to buy a servicable house if buying land/house as an investment propoerty or if this situation was Ok. Upoon completion, we would be looking to sell our current PPOR and then turn the redeveloped house into a PPOR (in 18 months or however long it took).
Thanks for all the tips on who to get advice from in planning for redevelopment. Note, we would not be eligible for FHOG's, but someone had mentioned the 12 months (just not sure in what context which is why I put it out there!).
Thanks again
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