Hiya... been a long time since I've been here. Did a google search for some information and remembered this place.
Our home worth roughly $370k sits next to a home for sale through the public trustee. It needs major renovation work and is likely to be demolished.
We have been approached by a developer with a deal build five on the two combined blocks etc etc...
We have roughly worked out that we could be just as well off to just sell off the back of our block to the developer. He said he would rework the figures.
Can anyone offer any words of wisdom? I assume we would incur CGT for the sale of the rear parcel of land.
The developer expects next door to go for $340kish... does that mean he might offer $170k to us? Would we have to do the subdivision or would he?
We could end up with little or no mortgage out of the deal, so just exploring options.
Does anyone have any thoughts? Thanks!
Our home worth roughly $370k sits next to a home for sale through the public trustee. It needs major renovation work and is likely to be demolished.
We have been approached by a developer with a deal build five on the two combined blocks etc etc...
We have roughly worked out that we could be just as well off to just sell off the back of our block to the developer. He said he would rework the figures.
Can anyone offer any words of wisdom? I assume we would incur CGT for the sale of the rear parcel of land.
The developer expects next door to go for $340kish... does that mean he might offer $170k to us? Would we have to do the subdivision or would he?
We could end up with little or no mortgage out of the deal, so just exploring options.
Does anyone have any thoughts? Thanks!