Historically the majority of high net worth individuals have built their wealth around property acquisitions and sales. You may have a beautiful large block in a prime location where prices are looking up. Is now the time to sell that property and liquidate your capital, or could you turn that property into a more profitable opportunity? Identifying and capitalising on the optimal opportunity could make all the difference for your retirement and financial legacy.
Subdivide, build, renovate or offload?
There are a variety of options for developing or selling your property, particularly if you have the option to subdivide. If the property has an old house that’s seen better days, you may choose to renovate or replace it. If the property is located in an area that’s been rezoned for medium density living, you may wish to create two or three smaller blocks out of it and sell these separately. It can often be difficult to compare rural properties in value because of their unique locations, features and layout, so how do you know if development is the right choice for yours?
Speak to a property specialist with local experience
The best person to speak with first about developing your block can be a property specialist who helps people buy and sell local properties every single day. We know what’s selling and what tends to obtain the highest prices at any one time. We also know who lives in the area and what these people are searching for.
Perhaps your property could easily be converted into a desirable equestrian property with two or three additions, and sell for a premium price. Maybe you own in an area where 5 acre properties are being snapped up, but larger blocks aren’t as popular. Perhaps people are currently only looking for riverfront blocks, and subdividing may not be the best option. Making these decisions can be challenging, and it’s where your property specialist becomes worth every cent. We can help you to consider minimum lot sizes and zoning for the area, but also whether that extra investment is actually likely to pay off or not. It will also be important to speak with an accountant who specialises in property to highlight any tax implications of potential changes to your land.
The most successful property developers aren’t emotionally connected to their decisions, so remaining objective is important. We can help you to make impartial and informed decisions on whether to stay, develop or sell your property. To speak with the Cutcliffe team about development options for your property, contact us today.