Sell now or later?

[skater]

We've got a house in 2770 that we want to sell at some point. It's renovated internally & we've just finished painting the outside of it, so it looks quite good now for what it is. It's an old flat roof ex-doh property on a corner with over 600sqm land size, so it can be sub-divided or can have a GF built to look like a house and fenced separately.

The dilemma is do we start the wheels in motion to sell now, or wait 12 months. Do we sell as is, or do we get a DA to have it subdivided? Do we do the subdivision?

There's pro's & con's with each. I think the upswing will keep going and hanging on for a year could get the best price, but I'm also aware that anything at any time could change and prices may stagnate before then, or pull back if buyer activity dries up.

To subdivide and sell off the house & land separately would give the best price, but it's an awkward shape to keep the house & sell the land. It's one of those stupidly set up places with the house facing the corner, so Council might not like that we may need to get creative to get the 300sqm for the second block. Might need to get two dwellings approved to do that. A GF would be easy to do, but we're unlikely to get the value spent back by building & then selling.

So, I'm asking you, as a collective, what would you do, if this was your property?

 

[Player]

Keep it for another year and ride the tide in Sydney. Sometimes going to the extra trouble of getting a DA doesn't necessarily give you the extra anticipated return you might want. I very much doubt that Sydney's upswing will be ending any time soon.

In 12 months or so when the market is hotter advertise it as a dual occ site STCA and let the next buyer worry about jumping through the hoops. If it's a keeper maybe do the granny flat and milk the rental yield and depreciation for five years or so.

 

[skater]

Keep it for another year and ride the tide in Sydney. Sometimes going to the extra trouble of getting a DA doesn't necessarily give you the extra anticipated return you might want. I very much doubt that Sydney's upswing will be ending any time soon.

That's what I'm thinking too, although sometimes the DA'd sites are very expensive. Mind you, I have no idea how much it would cost to do a DA, so keeping it simple suits me.

In 12 months or so when the market is hotter advertise it as a dual occ site STCA and let the next buyer worry about jumping through the hoops. If it's a keeper maybe do the granny flat and milk the rental yield and depreciation for five years or so.

Thanks Player. No, this one's not a keeper. Nothing wrong with it, just thinking this one will get more on sale than some of the others.

 

[MTR]

We've got a house in 2770 that we want to sell at some point. It's renovated internally & we've just finished painting the outside of it, so it looks quite good now for what it is. It's an old flat roof ex-doh property on a corner with over 600sqm land size, so it can be sub-divided or can have a GF built to look like a house and fenced separately.

The dilemma is do we start the wheels in motion to sell now, or wait 12 months. Do we sell as is, or do we get a DA to have it subdivided? Do we do the subdivision?

There's pro's & con's with each. I think the upswing will keep going and hanging on for a year could get the best price, but I'm also aware that anything at any time could change and prices may stagnate before then, or pull back if buyer activity dries up.

To subdivide and sell off the house & land separately would give the best price, but it's an awkward shape to keep the house & sell the land. It's one of those stupidly set up places with the house facing the corner, so Council might not like that we may need to get creative to get the 300sqm for the second block. Might need to get two dwellings approved to do that. A GF would be easy to do, but we're unlikely to get the value spent back by building & then selling.

So, I'm asking you, as a collective, what would you do, if this was your property?

Skater, no problem, you sell it to me

Seriously, I would hold on to it as you mentioned there is still some steam in this market, why give away your profits.

 

[marg4000]

Can the existing house be moved on the block (depending on its construction)?
Marg

 

[skater]

Can the existing house be moved on the block (depending on its construction)?
Marg

Haha, yes, we did look at that. Short answer is yes it can, but the cost of doing so doesn't make it worthwhile. Plus in Sydney, there really isn't a lot of Companies that do that sort of thing.