Hi. Thank you all for this great forum.
We are hoping to get some feedback.
We have an old house sitting on a res B block. We are currently living in it It has a DA & BA in place which is valid until June 2008. It has been approved under the older town plan so it has 50% site coverage and all the old building codes apply..(no expensive head works etc) Also as everything is ready to go, there is no long 18 month delay in approvals & starting the project, so it should be desirable for a builder/developer
It was our plan to develop and sell the duplex's. However the building costs have blown right out (close to 1 million) and we could sell it now with out doing anything and probably make more on it than if we put ourselves through the development drama and hope it works out all ok.
A builder submitted a contract to buy, but it is falling short by about $20K. If we keep it and fix it up for rental we could hold and this could be the start of our PI portfolio. We would then buy another house, in our area needing work and work on it, upgrading then selling etc etc.
The contract is around $650,000 and we owe $250,000. So we could cash up and go use this to buy different properties. Or we could use our equity on this, keep it and move into another property anyway. Hopefully continue to reap the rewards of rising property values
The house is 1 door back from the broadwater and has some views through the park and across the water, the area is great and very desirable.
Been tossing this around for a while now, your valued feedback would be appreciated.
Regards.....
We are hoping to get some feedback.
We have an old house sitting on a res B block. We are currently living in it It has a DA & BA in place which is valid until June 2008. It has been approved under the older town plan so it has 50% site coverage and all the old building codes apply..(no expensive head works etc) Also as everything is ready to go, there is no long 18 month delay in approvals & starting the project, so it should be desirable for a builder/developer
It was our plan to develop and sell the duplex's. However the building costs have blown right out (close to 1 million) and we could sell it now with out doing anything and probably make more on it than if we put ourselves through the development drama and hope it works out all ok.
A builder submitted a contract to buy, but it is falling short by about $20K. If we keep it and fix it up for rental we could hold and this could be the start of our PI portfolio. We would then buy another house, in our area needing work and work on it, upgrading then selling etc etc.
The contract is around $650,000 and we owe $250,000. So we could cash up and go use this to buy different properties. Or we could use our equity on this, keep it and move into another property anyway. Hopefully continue to reap the rewards of rising property values
The house is 1 door back from the broadwater and has some views through the park and across the water, the area is great and very desirable.
Been tossing this around for a while now, your valued feedback would be appreciated.
Regards.....