Blog > In a down market buyers as well as vendors can benefit

In a down market buyers as well as vendors can benefit

Date: 05/13/19 | Written by :Robert

A thought to consider in this market, having a mortgage over your head could be a good reason to consider paying it off and owning your home outright. Rather than selling your home and downsizing or dipping into your equity for travel etc you may consider subdividing your land to create an asset from your backyard?
We have come across this situation and have helped many of our clients prepare plans and permits to be able to sell their backyards off the plan as a house and land package. Affordable housing has been a driver for first home buyers and if you consider a build cost of say $300,000.00 and land value $300,000.00 you are creating an asset worth $600,000.00. The land component will pay down your mortgage and the purchaser is able to pick up a house and land in an established suburb. A better option than a 1 or 2 bedroom apartment going for a similar price don’t you think?