Splitting exsisting Duplex?

Viewing 7 posts - 1 through 7 (of 7 total)

g0biin
Member
@g0biin
Join Date: 2010
Post Count: 57
February 9, 2012 - 7:20 am
Hi Guys,
I did a search but could not see an answer to my question.
I own both sides of a duplex and I wanted to sell one side and pay down the loan.
Does anyone know what i need to do to achieve this?
Bare in mind this duplex was built in the 70's. So do I need to do things like fire proofing and and title strata?
Doesnt anyone have a link on some info that would be a great help, thanks.
G
Jacqui Middleton
Participant
@jacm
Join Date: 2009
Post Count: 2,539
February 9, 2012 - 9:26 am
Hi there,
first thing to do is ring council and ask for some guidance. next stop would be a surveyor.
jac
Jacqui Middleton | Middleton Buyers Advocates
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Rockian
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@rockian
Join Date: 2008
Post Count: 85
February 10, 2012 - 9:34 am
You definitely need to strata title the duplex . To achieve this you will have to satisfy local council planning requirements. This entails engaging a town planner and a surveyor who is familiar with the process. You could try to use the local council planning staff to help you with valid information as to the process of approval. You will also have to pay section 94 contributions. In my local area it will cost up to 35k depending on the number of bedrooms above the original allowance for the site.
So,
1) Consult planners to ensure compliance
2) Engage surveyor to draw up plan of subdivision
3) Lodge plan with council for approval
4) Engage solicitor to handle registering title at Land Titles Office
The stratas I have done range between 5 – 7k (surveying, council fees, legals, and registration) and the council contributions have ranged between 14 – 32k. You may be also up for some work to comply with council codes regarding fire and safety.
There is a possibility that it may prove uneconomical if there are substantial works involved to comply with council.
Good luck,
coalstar
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@coalstar
Join Date: 2007
Post Count: 122
February 10, 2012 - 9:41 am
most importantly you will need a fire wall to be built if one is not there, approx 10k if cavity roof
g0biin
Member
@g0biin
Join Date: 2010
Post Count: 57
February 11, 2012 - 4:19 am
Yeh not sure it would be worth it, starting to sound like the costs will add up and the sale might just break even ! Thanks for the info guys.
Rockian
Member
@rockian
Join Date: 2008
Post Count: 85
February 11, 2012 - 8:05 am
g0biin wrote:
Yeh not sure it would be worth it, starting to sound like the costs will add up and the sale might just break even !
No point assuming this. It would be well worth investigating just in case. Strata titling is a great way to make serious money – especially when the land values are high. What would the block of dirt be worth if it was vacant land?
Mick C
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@shape
Join Date: 2010
Post Count: 1,099
February 11, 2012 - 11:32 am
Rockian, have provided an excellent summary.
Just note – section 94 contributions cost diff council to council..it ranges from $2k- 40k+
Mick C | Shape Home Loans
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