Hi guys, me and my partner have been in our first home for a couple of years now and are looking at subdividing. 1000m2 section, front house is well positioned, driveway is wide enough etc. House is currently valued at $600k and we owe $460k. Just wanting some advice on anything i may have missed with our calculations below and if you think it is worth pursuing. Interested to hear any other options you would recommend
Cheers
+$520000 - sell original house after subdivision
+$650000 - sell new house after subdivision
= $1170000
-$100000 - subdivision cost
-$300000 - build cost (im a builder)
-$460000 - mortgage on house
-$50000 - cost to sell both properties
= $260000 deposit for next home?
I assume there would be tax to pay out of this? Can tax be avoided if we moved in to the new house for a while?
Cheers
+$520000 - sell original house after subdivision
+$650000 - sell new house after subdivision
= $1170000
-$100000 - subdivision cost
-$300000 - build cost (im a builder)
-$460000 - mortgage on house
-$50000 - cost to sell both properties
= $260000 deposit for next home?
I assume there would be tax to pay out of this? Can tax be avoided if we moved in to the new house for a while?
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