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Are you sitting on a goldmine? Why you should consider subdividing
Could your section accommodate another home?
Got a bigger section than you need or know what to do with? Could your back yard be working for you, rather than you always working to keep it tidy?
Property prices are on the rise and land is at a premium, making it the perfect time to consider subdividing your property.
Subdividing is where a plot of land is split into two or more sections, with each one receiving a different legal title.
Perhaps you’re interested in earning rental income or receiving a lump sum that could pay off a chunk of your mortgage. Or maybe you want to create a new home for family members struggling to get on the housing ladder.
There are lots of options to consider if you’re thinking about subdividing – the important thing is to figure out what best suits you, and your property.
Build and sell
You could help pay off your mortgage by splitting your land in two, then building and selling a new home on the newly created section (or selling the bare land).
Build and rent
If you’re looking for another income stream, you could make your section work for you by adding a new home and renting it out.
Same location, brand-new home
Maybe you’d love a new home, but don’t want to leave the perfect location where you and your family live now. Keep your address by building yourself a new home on your current section, then either keep, sell or rent out your existing home.
Turn your land into profit
If your section is big enough and the zoning permits, you could remove your current home, subdivide and build several homes to rent or sell in its place.
The size and shape of your section and local council rules will affect your options. Zoning restrictions, the ground quality of your section, any surrounding hazards, access to wastewater and drainage, and vehicle accessibility can all affect your options.
Subdividing can be complicated, especially if you are unfamiliar with the processes. Platinum Homes has experts on hand to get you through the subdividing journey. Our experienced team will do the work for you – starting with a free, no obligation initial development appraisal.
If you want to know what’s possible on your section, give us a call and arrange a time for your initial site inspection.
Thinking of Building?
Get in touch with your local Platinum team today
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