It was always a property plan for us to buy a retain and build house and land.
This means the house can be retained and renovated at the front of the block and the back block of land can be sub-divided. The back block can then be sold as land or we could build a house on it and then sell the house and land together.
This means the house can be retained and renovated at the front of the block and the back block of land can be sub-divided. The back block can then be sold as land or we could build a house on it and then sell the house and land together.
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| Part of our backyard .... mowing the weeds takes forever! |
Well 5 years on and our house renovations are pretty much finished so we organised for a local Real Estate guru to come out and give us an assessment on how much the house is worth now that it's renovated.
The Real Estate guy had been in our house before we bought it when it was still in it's original 1960's condition and the whole time he was walking through the house saying WOW WOW WOW WOW WOW he was so impressed with the before and afters!
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| The glass bowls in the bathroom got the biggest wow statement ! |
It has given us confidence and assurance to know that the money we have spent on the renovations was worthwhile and keeping to a strict budget means that we haven't over capitalised and will get our money back when the time comes to sell.
But we are in no rush to sell our beloved Jarrah Jungle, we plan to live in our renovated home for a while and enjoy our weekends and time here without painting and DIYing every weekend!
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| Our kitchen budget Vs what it actually cost |
So now let's talk about the subdivision of the land - this will be the side of the house and half of the backyard.
We have 2 options - to get the block retained and ready to sell as is OR to get the block ready and retained, and then build a house on the block, and live in the house for a few years, and then sell down the track.
The Real Estate guy told us that for our suburb land value is in high demand so we are better off selling the block as is for someone to buy and build their dream house on it.
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| This side land will become the driveway for the back block of land |
So that's the direction we are going to go in, to get the block ready to be sub-divided. It feels so good to have our property plans confirmed and to be on this exciting path of developing our block.
Our next step is to have a meeting with a surveyor company who will help us kick start the sub-division process.
Have you subdivided a block of land? Any hints or tips I should know about!
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[All images my own]
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Exciting stuff! I was doing ALOT of valuations in your area before I left Perth and land was going for some good prices. Good luck with it all! Definitely saving yourself a lot of headaches building a home for someone else!
ReplyDeleteThat is so good to hear Anna, I definitely feel more comfortable selling the block without building :)
DeleteI would have went this way, too! How exciting!! I had no idea you had that much land, either.
ReplyDeleteYes I think we are a bit spoilt with land sizes here in Australia :)
DeleteWow, what an exciting new path for you guys. This option will be great to reduce your mortgage much quicker too AND mean you can still spend your weekends doing nice fun relaxing things. Good luck with it all!
ReplyDeleteSo exciting Megan, we actually got sent the sketch for the subdivision plan today, they got to work so fast! Absolutely, its a win win xx
DeleteYou've done such a great job on the place, it looks awesome. It will be nice to live there for a bit and enjoy the work you have put into it.
ReplyDeleteHope all goes well with the subdivision.
Yes definately want to enjoy what we've done for a little while :) Thanks lovey xx
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