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I've a house that requires unaffordable major repair. Can I dispose or think other options.?
Property (about 2,200 sq.ft) is at Chennai fast developing area very close to MRTS Stn., Air Port, TIDAL PARK IT corridor, adj. to very big School. Option open to me is to go for out right sale and look for new property within the budget and without any hassle.. Alt. can I construct 1+2 floors, sell one floor and retain 2 floors (one for Residential and other for SME - say Business Centre with all infrastructure-Office sharing. As per the market rate sale value of one floor will finance me surplusly to finance the entire activity. I need not take any loan. I am about 62 years with 40 years experience in Office Management & also const. work -- I can work for another 8 years and transfer the business to my children. If I sell the property,it is next to impossible to acquire one in the nearest area and I will be pushed only to a remote.place. Which one is wiser to do. Is there any more or other options that can be evaluated. Please help me.
If I have Business centre, project study shows a minimum return of about Rs.50000/- per month after charging all expenses. Maximum gustation is about 3 years to get the return. Additionally I will have own rent free residence of about 1,000 sq.ft. with 2/3rd ownership on the 3 floor property. Initially I have made fool proof market study. I have own experience of handling single Contracts worth 300 crores. The project study has been done through professional third agency.. The crux of the question do I have to venture this project at old age (62 years) or to settle without hassle. There is only one problem which I foresee is to find out a trusted good neighbour in an undivided property.owned by two stake wholder.
3 Answers
- Anonymous1 decade agoFavorite Answer
IN VIEW OF DEPRECIATION VALUE OF PROPERTY IT IS BETTER TO CELL THE PROPERTY IF YOU GET GOOD VALUE OF PRICE FOR THE PROPERTY TO GET MENTAL PRICE AT THIS AGE. PURCHASE A SMALL ACCOMODATION HOUSE AT GOOD PLACE AND ENJOY THE REST OF LIFE.
- David MLv 51 decade ago
If you don't have to finance the expansion through a bank and the area is rapidly growing, you will probably do better with the expansion and sale of the second floor. There are the usual business risks involved. Compare the expected return on your investment to what you would make by selling and re-investing the money into other alternatives. Another option is for you to get into some sort of real estate investment trust (REIT) with other property owners. You would donate your land in exchange for shares in the trust and you would have the resources of the trust covering the improvements. however, you would be sharing any profits/losses with the other investors. You may be able to work the transaction as a like-kind exchange based upon Tax Code Section 1031 or 1045 depending on the use of the property before transferring it to the trust. This will defer taxes on any capital gains you have until you sell your interest in the trust. Also, when you die and leave it to your kids, it will get a stepped up basis and they will avoid the capitals gains tax altogether. Talk to you accountant and she/he will be able to help you structure the transaction and may even find a good REIT for you to work with.
- Anonymous1 decade ago
Place this info in the storeonwheels group in yahoo! groups.
