Many Australian homeowners that have some substantial backyard space are giving strong consideration to selling this off by subdividing it. This is quite evident with all of the subdivisions that are now seeing spread throughout Australia.
One of the reasons for doing this is to be able to glean some extra money off of their property without having to sell it where it would mean having to move to a new location.
Many individuals are not keen on having all of their available income go into the payment of their home and want to enjoy other things in life as well. For some that are headed towards retirement they really don’t require a large amount of property yet they enjoy their neighbourhood and their actual accommodations. They don’t have the desire to move or downsize in this regard.
Many are finding that when selling their homes that the house itself is actually being torn down and the land is divided into smaller lots where more dwellings can be constructed. One of the alternatives for the original seller is to perhaps buy one of these newly constructed homes.
There are rules and regulations regarding subdivisions and there is a great deal of work that goes behind subdividing. There are site reports that have to be compiled, planning permits that have to be obtained, and costs such as solicitor fees. All of this adds up to quite and expense, and it is not something that can happen quickly.
There are so many rules that have to be complied with such as easements and overlays, and designs and clauses that have to be adhered to as well as title change. Even with all of this extra work, those that are wanting to downsize without having to move, this is still an ideal solution for them.
As the family grows many families find that they don’t have as much use for the large backyard, and being able to sell it off can help to pay many of their debts, or allow them to do some travelling which they otherwise may not have been able to do.
It also seems to be a win-win situation for the building industry because of the limited land availability and the high demand for housing.
For those that are interested in this type of endeavour it is not something that should be jumped in to quickly, but should be given some careful thought and consideration, as well as researching how others have fared that have taken this step of subdividing their backyard.