Hi all!
My mum, who is in her early sixties, wants to knock down her 30 year old house in Baulkham Hills (NSW) and build a duplex. I don't think that the council will allow her to cut the block in two, but will allow either a duplex or two townhouses on the one title.
I'd like to keep it as simple as possible; the title of the house in currently in mum's name - if she can finance the lot, she could then have a separate income stream from the other half of the duplex.
Here are some of the finer details:
* $180k is still owning on the house (mum split with dad)
* Block size is 970sqm (about) on a corner block on Merindah Road, for those who know Baulkham Hills.
* Mum is still working permanent-part time, but not sure for how much longer.
* House would be valued about $500k today, give or take ~ $30k
* An 80% lend against the existing house would only give her $220k in equity to use.
I guess I want to get some ideas as to whether this all sounds feasible, and, if mum can't do it off her own bat, how myself or my brothers can chip in and help, ie joint venture agreement? Would council actually allow the block to be cut up?
Opinions greatly welcomed.
Cheers!
-- MJ.
My mum, who is in her early sixties, wants to knock down her 30 year old house in Baulkham Hills (NSW) and build a duplex. I don't think that the council will allow her to cut the block in two, but will allow either a duplex or two townhouses on the one title.
I'd like to keep it as simple as possible; the title of the house in currently in mum's name - if she can finance the lot, she could then have a separate income stream from the other half of the duplex.
Here are some of the finer details:
* $180k is still owning on the house (mum split with dad)
* Block size is 970sqm (about) on a corner block on Merindah Road, for those who know Baulkham Hills.
* Mum is still working permanent-part time, but not sure for how much longer.
* House would be valued about $500k today, give or take ~ $30k
* An 80% lend against the existing house would only give her $220k in equity to use.
I guess I want to get some ideas as to whether this all sounds feasible, and, if mum can't do it off her own bat, how myself or my brothers can chip in and help, ie joint venture agreement? Would council actually allow the block to be cut up?
Opinions greatly welcomed.
Cheers!
-- MJ.