I have a large, steep block with 55 y.o. house at front (top of the block). Wholly owned. I have researched the capitalisation options without having to move house, as it is quiet and close to all amenities and transport, but has a rural feel. Very high tenancy rate. Needless to say nearing retirement and want most assets in the exempt category if claiming a pension.
I can 1. Sell the lot. 2. Subdivide and sell the back yard. 3. Granny flat and rent in back yard (which then precludes subdivision) or 4. Build another dwelling under the existing house (which leaves the block in 1 piece for later subdivision) and rent it out, most expensive option
The outlay versus return is a big question as I am cash poor, though still working. Partner has investments but no job, though also has no title to this property via Prenup as we both have kids we want to provide for. House needs reno so I need to find best option before reno. Building on a steep block is also more expensive.
Question: 1. Can I strata title if I build underneath the existing house, so my partner, who would pay, can invest safely?
2. Is strata title available if I granny flat in the back yard? 3.or should I just get a DA for subdividing the backyard and sell the lot.
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