Hi everyone,
I am very glad I found this forum!! And I am hoping that some one can help me here make a decision.
I have a property I have owned sine 1999 so its definetly CGT 50% exempt if I sell as is, its starting to fall apart but is on a decent 805m2 block of land for where it is (melbourne area, mulgrave, near where the VFL was played years ago).
Anyway, some agents are telling me its worth upwards of $550-600K if I sell as is (Ie land only, discounting the house 3br, 1bath house)
Questions are
1. I read with interest another post pointing to the fact that the 50% CGT discount wont apply if i develop the property? is that true??
2. (having no hands on experience in development yet), should I try to split this land and build two units/townhouses on it? Is it worth the headache? I can take time off work (1-2 days a week) to look after this.
3. Or perhaps just get the plans/permits and sell them with the plans?
4. I supoose the alternative is that I should keep it and continue to rent...? If I do thats fine except I think its going to start costing me more and more (rotting supporting posts, over grown garden etc).
Any ideas suggestions will be very much appreciated.
Samer
I am very glad I found this forum!! And I am hoping that some one can help me here make a decision.
I have a property I have owned sine 1999 so its definetly CGT 50% exempt if I sell as is, its starting to fall apart but is on a decent 805m2 block of land for where it is (melbourne area, mulgrave, near where the VFL was played years ago).
Anyway, some agents are telling me its worth upwards of $550-600K if I sell as is (Ie land only, discounting the house 3br, 1bath house)
Questions are
1. I read with interest another post pointing to the fact that the 50% CGT discount wont apply if i develop the property? is that true??
2. (having no hands on experience in development yet), should I try to split this land and build two units/townhouses on it? Is it worth the headache? I can take time off work (1-2 days a week) to look after this.
3. Or perhaps just get the plans/permits and sell them with the plans?
4. I supoose the alternative is that I should keep it and continue to rent...? If I do thats fine except I think its going to start costing me more and more (rotting supporting posts, over grown garden etc).
Any ideas suggestions will be very much appreciated.
Samer