Does anyone know if having a permit to do a dual occ would increase the valuation?
Also,would it increase it even more if it was a permit for a sub-div??
Does anyone have the experience of this happening?
If so,would you care to share how much of a val difference it made,pls??[greedy]Misty, I haven’t done it, but I believe it adds value to a place. Because it takes time to do (in some instances 12 months), and costs money, for a builder developer who can get straight in and build it’s great.
Even for an owner builder it would be good. However, the price still has to leave some value in it for the buyer to make their own profit from the building and sale of the second residence, or else it won’t be sold. I’ve seen a LOT of for sales lately that are only ‘able to be dual occ’, but are massively overpriced, and nothing has been done. I don’t think they’re selling in this current market though…
Cheers
MelYes, having Council approval does increase a valuation. Beware of properties that are sold ‘subject to council approval’ or ‘STCA’. You may not be able to get council approval if you purchase the property.
I have an example. 2 residential lots next door to each other, sold separately, valued at $300,000 each. Same lot as a townhouse site with Council approval sold for $900,000.Wow! I like the profit margin on option #2!
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