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From: Vicki .
I welcome your thoughts on this query...
The Sydney home I live in is on a large block and just 50m2 short of being able to be subdivided. Block of land next door (1100m2 very overgrown & bushy) is up for sale for $360k (not negot) with battle axe access along my boundary.
My options as I see them:
1) buy land next door to gain extra 50m2 to subdivide my block then build 2 houses (maybe even 3 as next door block is large)
2) wait for someone to buy land next door and do a deal for extra land I require and then subdivide.
I have about 450k equity in my home to borrow against to develop the land but have to weigh up the time/effort involved if I take on land next door also. Buying something already built as an IP seems a little easier than taking on the task above.
Am I not seeing the wood for the trees?
I welcome your thoughts on this query...
The Sydney home I live in is on a large block and just 50m2 short of being able to be subdivided. Block of land next door (1100m2 very overgrown & bushy) is up for sale for $360k (not negot) with battle axe access along my boundary.
My options as I see them:
1) buy land next door to gain extra 50m2 to subdivide my block then build 2 houses (maybe even 3 as next door block is large)
2) wait for someone to buy land next door and do a deal for extra land I require and then subdivide.
I have about 450k equity in my home to borrow against to develop the land but have to weigh up the time/effort involved if I take on land next door also. Buying something already built as an IP seems a little easier than taking on the task above.
Am I not seeing the wood for the trees?
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