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4 Reasons To Subdivide Your Property

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4 Reasons To Subdivide Your Property

Category Home Owners

Whether it's about financially benefiting from land which you already own, splitting your assets between your children or simplifying your life by downsizing, there are a number of reasons why subdividing your property might be the right way to go.

Selling portions of land

A property can be subdivided into two or more portions, each of which may be sold individually to willing buyers. In many cases, subdivided properties are sold to developers for town planning purposes.

With an ever growing demand for properties in sought after areas, subdividing a property can offer significant financial benefit to the owner by selling off the various portions.

Building to rent or sell

Another option that savvy investors may choose to take is to subdivide a property and develop each portion themselves. This may involve building stand-alone homes on each subdivided portion or developing townhouses or apartments.

These can then be sold off for a profit, or alternatively, ownership of these new properties can be retained and instead each unit can be rented out in order to gain a passive income from these properties.

Dividing up your assets

In many cases, a substantial property will be subdivided in order for the asset to be split equally between children or dependants as part of inheritance. The size of each portion and what existing or new buildings are included in each will be determined by the specific terms of the will.

Downsizing your home

For some people, moving home in order to downsize may not be the ideal scenario - you might still love the house itself or the area you live in, but the property requires too much effort or expense to maintain. In such a case, you may consider subdividing your property, reducing the garden size and vastly simplifying the level of maintenance required.

Regardless of the reason for the subdivision of property, you will need the assistance of a number of qualified and experienced professionals including a land surveyor and conveyancer. This will help you ensure the required steps are followed correctly and that you have the best chance of a successful subdivision.

Author Snymans Inc Attorneys
Published 02 Jul 2019 / Views -
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