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  • Profile photo of lawler67lawler67
    Member
    @lawler67
    Join Date: 2003
    Post 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?

    Thanks

    Profile photo of Jacqui MiddletonJacqui Middleton
    Participant
    @jacm
    Join Date: 2009
    Post Count: 2,539

    Hi lawler

    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.

    Jacqui Middleton | Middleton Buyers Advocates
    http://www.middletonbuyersadvocates.com.au
    Email Me | Phone Me

    VIC Buyers' Agents for investors, home buyers & SMSFs.

    Profile photo of lawler67lawler67
    Member
    @lawler67
    Join Date: 2003
    Post Count: 2
    Profile photo of Jamie MooreJamie Moore
    Participant
    @jamie-m
    Join Date: 2010
    Post Count: 5,069

    Agree with Jac – do your due diligence and make sure it's a possibility first.

    Talk to builders too – get an idea of costs.

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
    http://www.passgo.com.au
    Email Me | Phone Me

    Mortgage Broker assisting clients Australia wide Email: [email protected]

    Profile photo of oc1oc1
    Participant
    @oc1
    Join Date: 2012
    Post 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.

    Oscar

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