I have a property I bought five years ago and still have a small mortgage on it. It has since been rezoned for medium density, I could fit seven town houses on the site each 2 bedrooms and a study, two stotey plus attic, single lock up garage and ensuit. At the moment there is a beautiful Colonial Queenslander "era" home which I would like to move onto acreage. As the house is "raised" this would be no problem. I have found another party interested in a Joint Venture arrangement, I would like to complete "both" projects. What would be better to sell "half" the current value in the property to the JV partner than undertake planning etc...sharing all cost. Or first get my own DA (Development Approval) than seek a JV partner at a higher entry level ? Any other considerations such as holding it in a company name to avoid or minimalise Capital Gains tax, the property is in Qld Australia, I live in Sydney. That is all up to you as to when to take on a partner. Before selling half of the venture, I would get it appraised again. Remember that getting a DA is a tedious and time consuming accomplishment also and you may need the extra funds. Joint venture also means joint money though. If you have the money to take on the project yourself, personally, I would go that route. |
