Our first Project is to subdivide our existing residential block (1270 sq mts) into two equal plots, and use sale of one to finance building of a new residence on the other. As pensioners we have no income stream to service a mortgage, so proceeds from the sale of the land must recoup all costs of such a venture. Indeed, ideally, we would hope for there to be 'a little bit left over'. To this end we are seeking the most cost efficient way to proceed. At this early stage I have identified two issues that may add extra cost: i) At 17.38 metres (according to Lands Titles Office survey diagram) the existing frontage is less than the statutory minimum of 20 metres. Initial comments from our Council's planning office suggest this is not an insuperable barrier to sub-development, but would require referral to a committee for consideration. This I imagine would involve an added cost to the 'normal' application. ii) There are two trees - one on either of the sub-divisions, that may well qualify as "regulated specimens". Their removal would be necessary for building. Again this need not stop the project proceeding, but would require approval … another cost (quite apart from removing them)! So, as rigorous as possible a detailing of the costs of sub-division is what I'm after, as a first step in establishing the Financial Viability of Project.
Not sure of post. Question? Probably a town planner issue. Posting to get a plan here is sorta like asking for plans to build a nuke to avoid research and dev costs for Manhattan project The GST and tax issues been costed? And impact on pensions and assets test since land loses asset exemption and will not be tax free. Subdiv of land with limited effort may still cost 150k. Depends on council and levies civil and so much.
Sorry about delay in responding … have been spending time on "research and dev costs". Seems to me 'due diligence' requires as thorough a costing as possible … especially when one has very limited resources. Yes, "GST & Tax issues" are clearly matters to pursue … and "impact on pensions and assets test" … also, council charges and applicable levies. Thank you for pointing this out.
Yes, Swuzz, we will have to demolish our existing residence. We will therefore have accommodation and storage costs to consider, while subdivision and building a new residence are completed.
