Sell up and move, or demolish and build?

[ian]

Hi John

If you're on 1/2 an acre, and you decide to go down the demolish and rebuild path, I suggest you investigate dual occupancy -- live in the existing house while the 2nd dwelling is constructed "next door" then move in once it's finished.

What ever you decide, don't "disappear in the van" while the builders are working. If you do, you will most likely come back to a new house full of problems that will cost a bomb to fix.

[Bushmiller]

Grumpy

I'm just so envious of you blokes with modern 70s houses .

I think to undertake a rebuild yourself at this time would require a real urge to be an ownerbuilder so I think it is good you have dismissed that option.

While disappearing in the van and losing yourselves for six months sounds very attractive, I agree with Ian that it might not be the wisest move if you are not to be disappointed with the result.

That limits your options quite a bit. One solution is to disappear in the van, but only go around the metaphorical corner. Perhaps a week to ten days away at a time so you can return to check on progress.

Regards
Paul

[wheelinround]

35 years ago when we had our first home large yard I visited Mastertons Homes Village at Warwick Farm and asked about knock down rebuild nope mate we don't do that sort of thing not worth it. Now their adds encourage it

Ah well soon to move.

[malb]

What are the development prospects for your place John, any chance of unit permits etc. We sold our 1/2 acre in North Croydon with permit for 6 units last year for $1m, bought ourselves a fixer upper in Alexandra as temp accomm and a future rental, and a 2.5acre vacant site to build on 3mins out of town. If there is demand for unit sites and council will play ball, you could make way more for your retirement by getting the permit, selling holus bolus, and relocating to a place adequate for your needs. All up our permit took 13months and cost around $15k for planning consultants and council charges. A dual occ permit often comes out to around $10k, we were told.
Don't know what happens in your area, or what your planning/zoning etc is, but worth considering if viable.

[Chris Parks]

Any capital you put into a property means that the only way to release the money is to sell, obvious but I think it needs stating. Buying a different and more liveable property means you finance it by selling what you have, demolish and rebuild means the money comes out of your pocket and when sold will not in all likelihood gain you that money back. If you were twenty and just starting out demolish and build will not have the impact that it willl at fifty or sixty for that reason.

[Grumpy John]

What are the development prospects for your place John, any chance of unit permits etc. We sold our 1/2 acre in North Croydon with permit for 6 units last year for $1m, bought ourselves a fixer upper in Alexandra as temp accomm and a future rental, and a 2.5acre vacant site to build on 3mins out of town. If there is demand for unit sites and council will play ball, you could make way more for your retirement by getting the permit, selling holus bolus, and relocating to a place adequate for your needs. All up our permit took 13months and cost around $15k for planning consultants and council charges. A dual occ permit often comes out to around $10k, we were told.
Don't know what happens in your area, or what your planning/zoning etc is, but worth considering if viable.

It was SWMBO's initial idea to get permits and plans for a dual occ, or units and then sell. From what you stated this is the way to go, make some decent money then buy something that suits us. At 65 and 60 this most likely would see us out, not after anything fancy, just comfortable and (reasonably) maintenance free.
We are going on a 6 week caravan trip later this month and when we get back we'll do some serious investigation as to what our options are. We're not looking to do anything immediately, in fact it wouldn't bother us if it took 3 to 5 years to get done.

[Chris Parks]

A very wise decision in my book. I think that houses owned by older people are a drain on finances that outstrips capital growth and in the end forces a lot of people to sell their home to release the capital they need. If someone would buy my home and give me an end of life or occupation lease I would be very interested and Centrelink go and take a walk.