All,
As the name suggests I am new to this!
I purchased a house in Glenelg North (SA) in 2007 for 389K. It is on 680sqm, is in great condition with scope to extend (currently 2BR and 1 bath). The house is currently tennanted while I am OS for a year or two and I am looking to develop. My options are extend and rennovate or sub-divide.
Option one - extend and rennovate
The house is set-up so that I could extand off the back adding a open plan living/dining and the master bedroom with ensuite with perhaps a fourth bedroom as well. I am unsure as to costs but there would be no need for any landscaping, demolition, etc.
Option two - sub-divide
This is my preferred option - I am bullish by nature and would like to be fairly aggressive with how I develop this property. Unfortunately the council requires all sub-divisions to be at least 350sqm (City of West Torrens). This would require me to either wait for requirements to be relaxed or purchase adjoining land I am 20sqm short! Assuming this is not a problem my sums are:
10K demolition
20K subdivision
380K both houses
30K holding costs
440K total
If I add 389 to 440 I get to a total development cost of 829K.
I am hoping to get some advice on the best way to develop this property and gain the maximum increase in value for me. Especially around the land size issue (any inside knowledge of City of West Torrens future intentions would be amazing! ) and associated stamp duty, etc.
I am very keen to learn all I can and am very excited to have found this forum.
Thanks in advance guys!
As the name suggests I am new to this!
I purchased a house in Glenelg North (SA) in 2007 for 389K. It is on 680sqm, is in great condition with scope to extend (currently 2BR and 1 bath). The house is currently tennanted while I am OS for a year or two and I am looking to develop. My options are extend and rennovate or sub-divide.
Option one - extend and rennovate
The house is set-up so that I could extand off the back adding a open plan living/dining and the master bedroom with ensuite with perhaps a fourth bedroom as well. I am unsure as to costs but there would be no need for any landscaping, demolition, etc.
Option two - sub-divide
This is my preferred option - I am bullish by nature and would like to be fairly aggressive with how I develop this property. Unfortunately the council requires all sub-divisions to be at least 350sqm (City of West Torrens). This would require me to either wait for requirements to be relaxed or purchase adjoining land I am 20sqm short! Assuming this is not a problem my sums are:
10K demolition
20K subdivision
380K both houses
30K holding costs
440K total
If I add 389 to 440 I get to a total development cost of 829K.
I am hoping to get some advice on the best way to develop this property and gain the maximum increase in value for me. Especially around the land size issue (any inside knowledge of City of West Torrens future intentions would be amazing! ) and associated stamp duty, etc.
I am very keen to learn all I can and am very excited to have found this forum.
Thanks in advance guys!