lawler67Member@lawler67Join Date: 2003Post Count: 2
Hi all, I came across the site while doing some research.
I'm interested in hearing some thought on my situation if you please.
I inherited a house with 2 siblings, and I have the option to buy them out. It's a 3 bedroom on a block of 650m squared, in Victoria (Kingston Council) zoned residential 1 with no overlays a block or 2 from the border of Beaumaris. 5 minutes walk from major train station and primary school and a pretty big shopping strip plus a Westfield.5 minutes drive from the beach.
Needs a bit of work, most I can handle, but it has what appears to be an asbestos roof. I haven't had it tested.I can buy the others out for maybe a little over 400K, no stamp duty either. I own an inner city apartment outright (PPOR) that's valued at 500K.
A few options
– buy it, move there and work on it over a while while renting the apartment out, but I love where I live now. Then sell the house when finished and move back here.
– renno it and rent it out, will need new bathroom and kitchen and the roof has the odd leak.
– pull it down and redevelop. This would be the biggest outlay but probably biggest profit. There are apartments across the road and down the street,
and the place next door was subdivided into 2 townhouses a few years back.
Anyone have any input on what they think would be the way to go?
ThanksJacqui MiddletonParticipant@jacmJoin Date: 2009Post Count: 2,539
Do whichever is most profitable – it sounds like you are already aware that this is knocking it over and developing. Be sure that you can actually develop the site before you make too many decisions… chat to council and a local draftsperson as a starting point.Jamie MooreParticipant@jamie-mJoin Date: 2010Post Count: 5,065oc1Participant@oc1Join Date: 2012Post Count: 148
If you can handle the pressure of developing and prepared to wait the 18 months for the payoff then developing may be the way to go. Have a chat with council and see how the new zones will affect your property. You may end up with a block which restricts you or allows high density.
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