Hi all.
We own a house in Chermside West that is sitting in the middle of a future splitter block. This means the house would be knocked down in the future and building 2 new homes. This is still about 5 years away till we do this.
In that time we would like to keep investing. A friend told me if you get the DA from council for the subdivision you can then get it re-valued and borrow more. It was valued at $600k not long ago. If it was valued as 2 seperate lots the land value would be around $750k.
Is this possible? It doesn't sound right to me but if it is possible it might be worth looking in to.
Thanks again.
We own a house in Chermside West that is sitting in the middle of a future splitter block. This means the house would be knocked down in the future and building 2 new homes. This is still about 5 years away till we do this.
In that time we would like to keep investing. A friend told me if you get the DA from council for the subdivision you can then get it re-valued and borrow more. It was valued at $600k not long ago. If it was valued as 2 seperate lots the land value would be around $750k.
Is this possible? It doesn't sound right to me but if it is possible it might be worth looking in to.
Thanks again.