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    Default Subdivision WWYD

    Hi, we are looking at selling our house in the next 12 months but our neighbour has just let us know that there has been interest from a developer to purchase our land and theirs. It is very early stages but we could end up selling our place for $150,000+ more than it's currently worth. My concern is that I don't think the area should be developed. I'm against development in our area and would really feel for our other neighbours. But it could be a lot of money that could be really good for our family. It would also mean that we don't have to spend money to get our house up to a sellable standard.
    WWYD?

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    What kind of development will it be? Firstly I'd check with council what you can build then call in a reputable local agent and see what price they say, ask for a sale price as is (no subject to development applications or options)

    The reality is if it is a development site then home owners will always be pushed out by builders so you might find even if you only sell to a private buyer and take a loss there is nothing to then stop them from re selling it to a developer and they've made the money not you so unfortunately you may not like it but I'd prefer the extra $$ for my family

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    I would sell because regardless of my opinion regarding developments (which is the same as yours).. you cant stop the trend.
    Someone else could buy your house and they could offer them the same deal and they may take it.. its easy 150k for someone.

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    I would sell to the developer. That's a huge cash injection for your family. It's likely as @Elijahs Mum says that the developers will get their hands on it anyway.
    I completely understand the personal ethics involved though and it feels like you're 'selling out' but if you're moving anyway it's important to consider the best outcome for your family too. It's really admirable that you're even asking this question - what an awesome neighbour you must be! I hope you're blessed with similarly thoughtful neighbours when you move

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    moosey  (14-05-2017)

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    yep I would sell to the developer.

    Its up to the council (and planning laws) to determine what can and cant be developed in the area. If the neighbours dont agree with what the developers propose - they can always object and petition the council to not allow it.

    Make sure your sale is not subject to development approval as that can often take longer than expected.

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    I would sell to the developer

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    Thanks for the advice. I'm hoping that if we sell it would be a sale off the market so no one knows what's going on. Then as you said, the developers can deal with the neighbours! @Elijahs Mum there is no talk of what the development would be, the two blocks could fit 4-8 houses.

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    Thanks for the advice. I'm hoping that if we sell it would be a sale off the market so no one knows what's going on. Then as you said, the developers can deal with the neighbours! @Elijahs Mum there is no talk of what the development would be, the two blocks could fit 4-8 houses.

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    Default Subdivision WWYD

    Just check with council first so you guys know exactly what and how many can be built on yours, and the combined blocks - developers pay per dwelling so say they will pay $300k each unit they can build then obviously the more you can fit the better for you!

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    I'd sell and take the massive cash injections as a future windfall for what you can do for your own future. As people have said you can't stop the trends and what your other neighbours could and would most likely also do. When I sold my investment property I sold it to a developer and I wasn't worried what the neighbours thought 1. Because I wasn't living there and 2. The entire street bar 4 houses have also since been sold and redeveloped. A few streets over 2 houses sold off by 1 seller went for just over a million it was a corner block and next door. Something like 1900sqms in total. 6 brand new townhouses later ranging in price from $525k to $595k.


 

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