Hi all,
I new to this, so please be kind
I have searched the forums for an answer to a question similar to this, but can't really find anything relevant, so please excuse me if this has already been answered.
I am looking to subdivide a 1600m block in the inner southern suburbs of Adelaide (5km from the CBD) into 6 allotments and am trying to decide if I will get value out of making them torrens title vs. community title. A few details:
So, my question is, will torrens title increase the total value of the 6 new properties by more than the cost differential of $40k? i.e. $6667 per property?
Aspects that I am attempting to consider:
An opinion from any those of you who have done this before would be very much appreciated.
Thanks.
I new to this, so please be kind
I have searched the forums for an answer to a question similar to this, but can't really find anything relevant, so please excuse me if this has already been answered.
I am looking to subdivide a 1600m block in the inner southern suburbs of Adelaide (5km from the CBD) into 6 allotments and am trying to decide if I will get value out of making them torrens title vs. community title. A few details:
- The existing allotment is a 1600m2 corner block
- All of the 6 new allotments have street frontage, so there will be no need to run services over allotment boundarys and therefore I have the option of subdividing into torrens title allotments
- I am planning to build 2 sets of 3 row houses on the six allotments and sell them immediately. One set will be single storey, 3bed, single garage, 2 bath. The second set will be double storey, 3-4 bed, double garage, 2 1/2 bath. Final values for each will be in the $420k - $500k region
- One street frontage doesn't have SA Water services, so to go torrens title, I will need to get SA Water to run new water and waste services. I have had a preliminary quote from them of around $45k to do this.
- Quote for SA Water to go community title is around $5k (to install new meters, manifolds, etc.)
- By my calculations, subdivision costs will be similar for community and torrens, except for the above mentioned SA Water.
So, my question is, will torrens title increase the total value of the 6 new properties by more than the cost differential of $40k? i.e. $6667 per property?
Aspects that I am attempting to consider:
- I am planning to build row houses, so torrens title doesn't necessarily make sense
- Buyers at this price point in this area seem to value torrens title, although I have no clear evidence of this
- I suspect I will have other costs from my builder for running internal infrastructure if I choose to go community title
An opinion from any those of you who have done this before would be very much appreciated.
Thanks.