Hi All, My father in law died recently. The mother in law is living in a run down battleaxe property in Blacktown. The house to repair and bring it back to good levels would be $ 50,000 min I think. I am now trying to work out what is best way for mum to go considering she is very much cash limited. Mum owns it barring a reverse mortgage loan taken out for $300K in 2003 and subject of paying out if/when she dies and house is sold. Blacktown NSW 1500sm block two dwellings on property main residence is 3 x 2 and second house is 3 bedrooms, 1 bathroom but much better condition and occupied by sister in law. Pool ( large pool in working order ) 40 years old overlooks a golf course and close to M4, M7 and at Blacktown has to offer, ie hospitals etc I think it could easily fit 4 townhouses or villas etc. I suppose the question I have is , how do we go about doing the leg work to see if/what is the best way to go ? How do you find a DEVELOPER ? What would they normally pay for 1500sm ? is it a case you put the place up for sale and they just come if they are interested ? Can you be proactive in this by approaching one ? The adjoining neighbours have already sounded the mother in law out to see if she is interested in selling... He only died month ago.... Is doing the old house up a better option ? any suggestions as MONEY or lack of it is the big issue. Kind Regards
If I seriously thought a site has development potential and wanted to determine it's best use/potential, I'd engage a local town planning consultant to assess the site. You have to know the end value of any potential development then work backwards to know how profitable a margin you could exact from the buyer, if any at all.
Assuming your mil is ok with selling, get together with the neighbours (and more if you can) and talking to an agent as a group will get the most money. Agents will have contacts with developers. Usually though its a big emotional step to sell the long time family home. Talk to professionals about impacts on pension etc. what does the mil do with the money afterwards? Where will they live etc. with the sil living in the second house its probably a lot more complicated than you think, because it depends on her financial situation (is she paying rent, for example?) Also dont assume money is the most important thing. They may say that but there are lots of emotional issues too.
Please take a deep breath and step back. I can appreciate that you care about your MIL having a nice place to live in, but be aware that she wont see her surrounds through the same set of eyes as yours. Think about what she used to communicate to you and your wife before her husband passed away. Unless she often stated that she wants to move into another home because she doesn't like this one, let it go for now. From my family's experiences, it takes about two years to let the idea develop into an older person's psyche before they will contemplate leaving their family/marital home. If anything is unsafe, there are community organisations that can access grants to do necessary repairs. In the meantime, you can be consulting a town planner to discuss development options, study the current market values for similar properties in the area, and giving your wife and your MIL all the love and comfort you can.
Hi Scott Mate I believe it is 300K .... Agree with all the responses given. Might let some more time to flow through and re visit it with her after christmas... Obviously, if she decides to sell, I will go towards trying to get the best option out there. Not much fun this getting old bit.
