If you have a block of land that’s on the larger side, you may have considered property division. Subdivision involves taking one larger lot of land and dividing it into several smaller titles, and it has the potential to unlock extra value in your land. However, there are financial and legal complications to consider before undertaking subdivision. You will need expert advice from land surveyors and property conveyancers, as well as liaising with your local council and Land Victoria.
So, if you’re considering subdividing in Melbourne or throughout Victoria, here’s some general advice to help you get started.
Property subdivision can be an excellent opportunity if you’re interested in property investment or development. Whether you’re just getting started or you’re looking to diversify your portfolio, turning one property into two or more can be financially lucrative.
For example, divided land can have several units built upon it, which have the potential to earn more rental income than a single home. In some cases, you could also sell one or more of the lots and use the profits to fund development on the rest of the land, giving you a head-start on a cash-flow positive investment.
Of course, developers and investors can also sell each lot of land separately, looking to extract more value from their land than they could from a single sale.
All in all, it’s clear that the flexibility of subdivision gives you the potential for greater financial gain – but that’s not the whole story.
The other side of subdivision is an incredibly precise and time-consuming process, involving a number of applications, forms, and of course, expenses. Any delays in the subdivision process can be unnecessarily expensive, derailing your entire timeline.
In summary, property subdivision involves:
Even minor and straightforward subdivisions can become expensive, which is why it’s important to have expert advice on your side. Among other things, your subdivision costs will include:
With high-quality, low-cost, property law services, Just Conveyancing offers advice and guidance for the legal aspect of subdividing. This includes title searches and ensuring that forms are correctly completed and promptly submitted to Land Victoria and other bodies.
Offering an affordable alternative to traditional solicitors, we provide affordable subdivision services without the hefty fees. For more information on how we can minimise your costs and promote subdivision success, call (03) 8580 2276 or contact us online.