The Homebuilder site says that if you have a house and land valued at less than $1.5M, you can demolish the house and rebuild one up to the $750K (as this is counted as a substantial renovation), and be entitled to the grant.
But if the land is vacant to start with, then the house AND land must be less than $750K.
So owning a block of land worth $400K, you can only build a $350K house on it.
But let's say I build a shed. Now it is still worth less than $1.5M. I demolish the shed, and build a house to the value of $750K (as a substantial renovation, is it not?).
Isn't that how it works? What do I need in a shed to classify it as a house (on paper)?
I believe 750K is just a build cost, land cost is not included?