C3 - Remaining in Your Current Home and Building a House on the Subdivided Section to Sell
If you are happy living in your current home and neighbourhood but your section is getting a bit much for you or you need some additional income but you would like some control
over what is built next to you, this may be an option to consider.
- You can stay living in the home and neighbourhood you enjoy.
- You will be left with a smaller section to manage.
- At the end of the process, you will have a lump sum of money from the sale of the new property.
- A reduced property size could lead to a reduction in your rates bill.
- You can control what gets built on the section next to yours, and who buys the new dwelling.
- Both subdividing your property and building a new home are part of a lengthy and expensive process that requires technical input.
What do I need in order to take this option?
- Your property must meet your local council's rules for subdivision.
- Your current home must meet your needs.
- You will need enough funds to cover all the subdivision and building costs.
Could this option limit my future choices?
Yes, if the subdivision has a negative effect on the later resale value of your home, for example, if the original property as a larger section would have had a stronger selling
potential. Also take into account the fact that you will have new neighbours - possibly living quite close to you, depending on the size and placement of buildings on the subdivided
sections. So, it is important that you take these factors into account when planning and designing the subdivision and new building.
For more information
Talk to your local council, your lawyer and other relevant professionals (such as surveyors, architects and builders)