What to do?

I have been provided with a number of scenarios on what is best way to maximise the sale of our property. A 4 bdr brick and tile lowset house (rundown) and inground pool on a 911 sq m property in Eight Mile Plains, Brisbane. Ideal location, near freeways, busway, bus stop, medical centre, 2 child care centres, dentists, shops, schools, 10-15 mins from CBD.

Thoughts anyone? I won't offer what I have been suggested to do as I am keen to get fresh ideas from this forum. I can provide an address if that helps.

 

EMP to CBD?
That time frame is a bit optimistic unless it is midnight, traffic lights in your favour and the speed cameras aren’t working!

Your block should be big enough to subdivide but costs probably make it unviable. Best option may be to spruce up the house.

 

Should have said off-peak. Peak is between 8am and 9:30am M-F. Property is 1 min away from Freeway entry. Basically, the off ramp leads to my estate (Wishart Outlook). Takes me between 10-15min to CBD, no speeding, one set of lights. Re subdivision: thanks . It can be subdivided (costly and lengthy), best solution so far has been to sell as subdivision potential (house not factored in price). Not sure if any better scenarios. Keen to hear any other alternatives.

 

Compare spruced up similar properties that sold in the area or near by and see if this is viable option?

 

Cheers. I have done. Looks like selling for subdivision potential is better for now as $1,000 to $1,200 per sq m yields more than house prices. Honestly, if I had the money, I would get rid of house/pool, subdivide in 2 and build 2 huge 2 storey houses as I can see the city from neighbour's balcony. 2 new houses in Eight Mile Plains on top of a hill near major freeways, shops, busway, doctors etc, would sell well. Unless I win the lotto, I am resigned to maximising selling off the property as is. Selling for potential, I think, is a hard thing to do. You have to know how to attract the right people and plant that vision in their head. Not in a hurry to sell but due to a couple of reasons, it needs to happen.

 

Not sure the area would support the splitter strategy and leave you with any profit.

Taking a very quick look, at first glance it seems a good reno may yield the best result

 

Thanks. Maybe the reno and potential subdivision might be the best scenario for selling. BCC town planners suggested they would approve a subdivision. Minimum size blocks are 400 sq m that meet BCC requirements and will not be open for any objections. Looks like there probably aren't any better solutions.

 

What's current land cost? End sale value for a new splitter?

 

Why? I wouldn't assume that would make any money tbh. Most subdivisions don't I reckon.

 

I would be interested in the other advice other people have offered outside this site,..

i think i may know that location,if you intend to market this property to a developer then you may have to fill in the pool first as that pool may well sit on the new split block ,anyone looks at the pool will know the cost to level that area ..Then Auction the property..imho..