Hey Everyone
Would appreciate some thoughts on this one.
Have just had an offer accepted on a property in good location in Blenheim for $230K. Property is an older 2 bdrm home on 870sqm.
Current rents received $210 - $230 p/week. Looking to subdivide back area down to 400sqm.
Should I:
A/ Subdivide and sell back section off as land only. Subdivision cost approx $25K, estimate sell price based on local figures $90 - $100K.
or
B/ Subdivide and build 3 bdrm townhouse then rent out. Subdivision cost approx $25K, plus building cost approx. $120K. Could rent out for approx $250 p/week.
Any advice or further ideas/ options would be greatly appreciated.
Would appreciate some thoughts on this one.
Have just had an offer accepted on a property in good location in Blenheim for $230K. Property is an older 2 bdrm home on 870sqm.
Current rents received $210 - $230 p/week. Looking to subdivide back area down to 400sqm.
Should I:
A/ Subdivide and sell back section off as land only. Subdivision cost approx $25K, estimate sell price based on local figures $90 - $100K.
or
B/ Subdivide and build 3 bdrm townhouse then rent out. Subdivision cost approx $25K, plus building cost approx. $120K. Could rent out for approx $250 p/week.
Any advice or further ideas/ options would be greatly appreciated.
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