Grab a coffee. I need to talk. This site can be so depressing for us wannabes.
Well, I'm 3 years off retirement and have about $400,000 cash to show for it and a house hocked to the hilt to the business both of which are losing value as I am in a small country town. The business keeps a roof over our heads, a normal wage, and not much else (hence the house debt). No room for finance dancing there! In fact, it's quite demoralising, but hubby psychologically needs to take the briefcase to work every day and come home. He's of the opinion that we can't be overdrawn because I still have cheques left in the book.
. Love him, but there you go..... Had about $60,000 in Babcock and Brown shares so we won't go there. But I'm now frustrated....frustrated.....did I mention frustrated? And panicked. I want to own my own home, and have at least $3-500,000 invested for retirement. So here's my last gasp. It's either gonna work or I'll be living in a Caravan for the rest of my life.
So we've seen this 8,500 sq metre property in Brisbane South (in an uniquely gentle area reminiscent of squire ownership, but on the wrong side of the highway some RE guy told me) with a house on it that we can relate to. Oh boy! The 60's decor may come back...but I digress. Council says we can subdivide x 4 @ 2,000sq mt each. I have a sentimental attachment to this area as we lived there many years ago. And I'm not even British, but am a country girl so like my space. This property gives it.
The seller is 101 not out and wants to move North to daughter. He's had a contract for $950,000 that fell through. I would say he's negotiable, but then I remember my old Dad still giving the kids 20c for their pocket money and on the other hand thinking his property was worth a gazillion.
My plan
Check the banks and see if they'll even look at us. Could REALLY do with some innovative ideas here. We gonna have to go low doc and I believe they want to see my last four BAS to see if I'm a really good girl and pay my BAS on time, plus gauge my capacity or whatever.
If all that pans out then, get a valuation on property to submit an offer based on finance, building/pest inspection, and what else?
In the meantime do DD with a pheasibility study on selling the blocks that will see us with the original house plus plot (prefer 1 but may have to be 2 becauses of the straddling factor, but hell, I can knock down walls) and keep our $400,000 in tact for us to invest.
In my pheasibility, apart from the developing costs, I will be looking at what 2000 sqm sells for. It seems to me on this investigation that size doesn't really matter, and that 1 or 2,000 sq mt is gonna be roughly the same.
So I guess, I'm asking (I feel better now) What has been your experience in short term subdivision of land, and is it worth it?
Well, I'm 3 years off retirement and have about $400,000 cash to show for it and a house hocked to the hilt to the business both of which are losing value as I am in a small country town. The business keeps a roof over our heads, a normal wage, and not much else (hence the house debt). No room for finance dancing there! In fact, it's quite demoralising, but hubby psychologically needs to take the briefcase to work every day and come home. He's of the opinion that we can't be overdrawn because I still have cheques left in the book.
. Love him, but there you go..... Had about $60,000 in Babcock and Brown shares so we won't go there. But I'm now frustrated....frustrated.....did I mention frustrated? And panicked. I want to own my own home, and have at least $3-500,000 invested for retirement. So here's my last gasp. It's either gonna work or I'll be living in a Caravan for the rest of my life.So we've seen this 8,500 sq metre property in Brisbane South (in an uniquely gentle area reminiscent of squire ownership, but on the wrong side of the highway some RE guy told me) with a house on it that we can relate to. Oh boy! The 60's decor may come back...but I digress. Council says we can subdivide x 4 @ 2,000sq mt each. I have a sentimental attachment to this area as we lived there many years ago. And I'm not even British, but am a country girl so like my space. This property gives it.
The seller is 101 not out and wants to move North to daughter. He's had a contract for $950,000 that fell through. I would say he's negotiable, but then I remember my old Dad still giving the kids 20c for their pocket money and on the other hand thinking his property was worth a gazillion.
My plan
Check the banks and see if they'll even look at us. Could REALLY do with some innovative ideas here. We gonna have to go low doc and I believe they want to see my last four BAS to see if I'm a really good girl and pay my BAS on time, plus gauge my capacity or whatever.
If all that pans out then, get a valuation on property to submit an offer based on finance, building/pest inspection, and what else?
In the meantime do DD with a pheasibility study on selling the blocks that will see us with the original house plus plot (prefer 1 but may have to be 2 becauses of the straddling factor, but hell, I can knock down walls) and keep our $400,000 in tact for us to invest.
In my pheasibility, apart from the developing costs, I will be looking at what 2000 sqm sells for. It seems to me on this investigation that size doesn't really matter, and that 1 or 2,000 sq mt is gonna be roughly the same.
So I guess, I'm asking (I feel better now
) What has been your experience in short term subdivision of land, and is it worth it?
