Hi,
Though I've been using the software for a couple of years, this is my first time on the forum.
I'm in the planning stages of developing my own home block. I will lose my CG free advantage of selling my own home, but can put 4 houses on the block where 1 now stands.
It means bulldozing a nice 4 BR brick home and filling in a $30,000- pool, but the maths still puts me out in front.
By my rough calculations I should, at the end of the development, be able to sell 2 houses, and own 2 outright. I can then live in 1 and sell at a later date to relocate to northern NSW, (my dream), avoiding CGT, and keeping 1 rental, which will improve cash flow and enable further investment. (I already have 2 IP's doing quite well in SE Qld).
Has anyone done this sort of development, and what traps should I be looking out for?
Any guidance will be highly appreciated!
Thanks, Hose
Though I've been using the software for a couple of years, this is my first time on the forum.
I'm in the planning stages of developing my own home block. I will lose my CG free advantage of selling my own home, but can put 4 houses on the block where 1 now stands.
It means bulldozing a nice 4 BR brick home and filling in a $30,000- pool, but the maths still puts me out in front.
By my rough calculations I should, at the end of the development, be able to sell 2 houses, and own 2 outright. I can then live in 1 and sell at a later date to relocate to northern NSW, (my dream), avoiding CGT, and keeping 1 rental, which will improve cash flow and enable further investment. (I already have 2 IP's doing quite well in SE Qld).
Has anyone done this sort of development, and what traps should I be looking out for?
Any guidance will be highly appreciated!
Thanks, Hose