Browse Forums Owner Builder Forum 1 May 25, 2010 7:15 pm We have this property that could be sub-divided into two lots. I thought I could put one lot in my name and owner build on that and put the other lot in my wifes name so she could owner build at a later date. I could also keep it as one lot and get a builder to construct six small, two bed dwellings. These ideas are really an investment proposition, rather than to build a house we want to live in. Does anyone have any thoughts as I can't decide which way to go. Re: owner build or units 2May 26, 2010 3:12 am hi archmen we have considered all your options and there are a few things to consider option 1. sub divide and build 2 houses the cost of the sub division you have to live in the house for a min of 3 mths to avoid capital gains taxes not 100% sure you can build 1 in your name then 1 in your wifes i know in vic u can only owner build once every 3 yrs and u have to put on the forms any spouse details which prevents building in each others names option 2. units if you sell them in under 12 mths you will pay 50% taxes on the profit of each unit if you sell over 1 yr then u pay 17% capital gains tax however you can live in each unit for 3 mths and avoid capital gains tax as they would be classed as your dwelling but you cant lease the other units in the mean time as they become investment propertys and are subject to the taxes another thing to consider is the resale value versus the time frame versus the profit so sit down with a pen and paper work out your figures and time frame on each possibility keep in mind you could make more money by building 1 house then actual units given the time frame , costs involved,taxes ect ect good luck with what u decide stay safe happy building Re: owner build or units 3May 28, 2010 8:29 pm Thanks bingoshelly Being a carpenter from way back I always felt I wanted to complete a home project. After more thinking I'm leaning to the unit project as my kids (10 and 12) are growing up fast and maybe my time would be better spent with them. Rather than the commitment to owner build. My intention would be to keep for the longer term. ( we just sold two old rentals and the capital gains tax was not nice ) From my small amount of research it appears you could put one lot in my name and one in my wife's as it's the name on the title that counts. The application to owner build in Qld doesn't ask for spouse details. Thanks for your ideas. Sorry but you have a crap builder. Probably too late now. For our last build I only spoke to builders who would allow me easy access (at no cost). I used my own sparky… 10 9837 If so what were the "special circumstances" under which it was granted? "Note: If the development consent is for 'dual occupancy' an owner-builder permit can only be… 0 14074 Waiting for the interest rates to go down is also waiting for the building prices to go up, you will likely lose. Perhaps you can get the builder to lock up stage, but… 4 3681 |