Hi just like to hear some peoples 2cents worth on problem I have.
I currently have a 3 acre property with my main residence rural A situated on the property.
I've had full DA approval for rezoning of land to Industrial with the go ahead for 24 large sheds and approval for concrete batch plant at rear of property.
It's also been approved to be subdived into two seperate blocks as industrial with approval for construction.
I have entire property asking $2.2 mill and because it's my main residence and it misses the capital gain..bonus.
I've had a lot of interest in people wanting to buy 1/2 of the property , with one side containing my house if I pay to complete survey.
Due to the size of land and mass of large sheds it seems most developers cannot afford to buy the entire property and afford to construct but many are wanting to buy half.
Now my problem is if I sell the side with out my house on I will pay big gains , but will not pay for the side with my house on.
I'd rather sell the entire property as a single property not in halves due to having to pay more tax.
Out of all the interested parties they cannot agree between themselves to buy the entire lot then subdivide and request me to do this but once again this will hurt me in tax .
I've had offers for trade of houses and cash value of 1.2 for half but require the cash to pay another 750k new home loan.
Or straight cash sales at 1.1 per 1/2
I could take the house and cash and re-sell it, but once again between agents taking there % then paying stamp duty I'm already down 100k .
Mean while I will still have 1.5 acre that I will be taxed higher on as it is no longer my primary residence.
Do I wait to save, do I take the cash /house deal, sell 1/2 for cash ect..??
While I wait 750k loan interest ticks over on my new residence.
Interested to hear peoples 2 cents worth on this issue and other possible options?
I currently have a 3 acre property with my main residence rural A situated on the property.
I've had full DA approval for rezoning of land to Industrial with the go ahead for 24 large sheds and approval for concrete batch plant at rear of property.
It's also been approved to be subdived into two seperate blocks as industrial with approval for construction.
I have entire property asking $2.2 mill and because it's my main residence and it misses the capital gain..bonus.
I've had a lot of interest in people wanting to buy 1/2 of the property , with one side containing my house if I pay to complete survey.
Due to the size of land and mass of large sheds it seems most developers cannot afford to buy the entire property and afford to construct but many are wanting to buy half.
Now my problem is if I sell the side with out my house on I will pay big gains , but will not pay for the side with my house on.
I'd rather sell the entire property as a single property not in halves due to having to pay more tax.
Out of all the interested parties they cannot agree between themselves to buy the entire lot then subdivide and request me to do this but once again this will hurt me in tax .
I've had offers for trade of houses and cash value of 1.2 for half but require the cash to pay another 750k new home loan.
Or straight cash sales at 1.1 per 1/2
I could take the house and cash and re-sell it, but once again between agents taking there % then paying stamp duty I'm already down 100k .
Mean while I will still have 1.5 acre that I will be taxed higher on as it is no longer my primary residence.
Do I wait to save, do I take the cash /house deal, sell 1/2 for cash ect..??
While I wait 750k loan interest ticks over on my new residence.
Interested to hear peoples 2 cents worth on this issue and other possible options?
