Hi all, Some of you are aware i recently bought my first PPOR a 4x2 on 809sqm, R20 zoned property in Booragoon. Currently awaiting settlement and plan to start renovations (paint,carpets, cosmetic stuff) In two minds about how to proceed. One option is to fully renovate (estimates of 150-200k), live in for 25+ years 2nd option is to do a minimal reno (have renters lined up to move in) and eventually demolish the house (10-15 years) and either split down the middle and build on 10m frontage and sell the other block (partner not keen) OR build a two storey home from a builder like Pindan or Beaumonde (450-550k) leaving 4m side access for potentially selling the back yard in the future... All we want is a decent home with enough yard for a pool and my two small dogs but also to make a buck or two when selling in the long term future but having a Plan B in case we are forced to sell in the short-medium term. I like the idea of building a new two storey home, however concerned we may be overcapitalizing if we do so. Is leaving a side access a good idea or splitting down the middle or building in the middle without subdivision potential?
I don't really get your long term development plans. Currently its not subdivisible at all, and like I mentioned earlier, I suspect that won't change for a long time since they only recently implemented a structure plan for the area. The take away I would get from this is that its impossible to say whether any of those future development plans are even possible, or even worse, underdeveloping if a rezoning does occur somewhere down the line. If you're talking financial considerations, its an easy choice - just do the basic renos for now, and wait and see. When are you moving in anyway? I would have thought you should at least try living there sometime before committing to some sort of 25 year plan (!).
So the plan is to do carpets and paint for now but in terms of bathrooms and kitchen and moving walls etc i wanted opinions on proceeding with these types of renovations vs waiting and demo/build with subdivision in mind. If we were to subdivide would side by side be better as an option or leaving side access to sell the backyard in the future? What we do in the following months (plan on moving in after reno around April) will determine whether we keep this house or demo/build.
