ᐅ Dividing a Plot for a Duplex: Best Way to Sell the Second Unit
Created on: 18 Jul 2024 14:19
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BobTheBuilder
Hello everyone,
I have been reading a bit here but haven’t made much progress on this topic yet.
We have a plot of land with an existing building in sight. There is no zoning plan for this plot, but in the neighborhood, semi-detached houses have been built on similar plots. So this should be possible as far as I can tell.
My question is how to best proceed if I want to build only half of a semi-detached house on half of the plot.
- How do I find a buyer for the other half of the project?
- When should I start looking (after the existing building has been demolished, once the semi-detached house plans are ready, or after the construction company has been chosen)?
- How does this affect the property transfer tax for the buyer of the second half? As far as I understand, does the buyer have to pay the tax on the entire house if I have already finalized everything beforehand?
- What should be considered in the contract, or where would you get information about this?
Thanks in advance!
I have been reading a bit here but haven’t made much progress on this topic yet.
We have a plot of land with an existing building in sight. There is no zoning plan for this plot, but in the neighborhood, semi-detached houses have been built on similar plots. So this should be possible as far as I can tell.
My question is how to best proceed if I want to build only half of a semi-detached house on half of the plot.
- How do I find a buyer for the other half of the project?
- When should I start looking (after the existing building has been demolished, once the semi-detached house plans are ready, or after the construction company has been chosen)?
- How does this affect the property transfer tax for the buyer of the second half? As far as I understand, does the buyer have to pay the tax on the entire house if I have already finalized everything beforehand?
- What should be considered in the contract, or where would you get information about this?
Thanks in advance!
BobTheBuilder schrieb:
We are considering a plot with an existing building. There is no zoning plan for this plot, but in the neighborhood, semi-detached houses have been built on similar plots. So that should be possible, as far as I can tell.I would recommend speaking with the local building authority first before proceeding with anything else. What is the size of the plot? Even if semi-detached houses already exist in the neighborhood, that does not automatically mean it will be allowed on the plot you have in mind.B
BobTheBuilder22 Jul 2024 08:43ypg schrieb:
That is contradictory.
For rental purposes, calculations are usually made over a 20-year period. If your budget for a single-family home is already tight, it’s unlikely you’ll get financing for a semi-detached house with 300 sqm (3,229 sq ft).
Get moving and list your property as soon as possible. I wouldn’t waste any time. Meanwhile, you can start discussing things with the general contractors.
How long is the seller willing to wait? So far, I’m just trying to better understand what options we actually have. We’re meeting with the real estate agent on Wednesday, and before that, I wanted some clarity on what’s realistically possible.
The seller probably won’t want to wait. The question I want to clarify before then is whether and how a semi-detached house could be the best option.
If that turns out not to be feasible, the existing building will have to stay for a while until it’s suitable for a single-family home. Or we might consider renovating after all.
Fortunately, we can buy the land without a loan. The price is almost exactly equal to our equity.
B
BobTheBuilder22 Jul 2024 08:45kbt09 schrieb:
I would recommend speaking to the building authority first before taking any further steps. How large is the plot of land? Even if there are already semi-detached houses nearby, that doesn’t automatically mean it’s possible for the plot you’re considering.We have already tried that with another plot. At that time, they said we would need to submit a preliminary building inquiry (building permit application) to get clarity. However, since the plot was significantly more expensive then, that wasn’t an option for us.
In this case, though, we might find another solution if the semi-detached house isn’t feasible.
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