Did you know, if your existing home is sitting on a large section, you could be sitting on a goldmine.
You can now build up to three homes on a single section, up to three storeys high - without going through the resource consent process.
Every council in Auckland, Hamilton, Tauranga, Wellington and Christchurch is required allow medium-density housing on all residential land.
Whatever is built will still have to be up to Building Code, weathertight and not earthquake prone.
But this essentially means you no longer need to be an experienced property developer to subdivide and build on your land – what a gamechanger.
What does that mean for you?
Many owners are often surprised at the range possibilities there can be with their land.
For example, a single home on an 800m2 site can potentially be transformed into five, six, or even seven townhouses, providing much needed housing and an entire portfolio of assets, something many people only dream of!
Here are just some of the options you might consider at your place:
- Knocking down your existing home and rebuilding two brand new townhouses.
- Subdividing your section and building two townhouses, keeping your existing property.
- Purchasing a property that simply wouldn’t be suitable for rent, with the intention of subdividing for a great return. Remove the existing buildings from the site and building 7 new townhouses.
- Building a tiny house or granny flat on the back of your section
- Adding two townhouses/units to section that already has an existing house
- Three new standalone houses
- A three-storey building split into three dwellings.
- Or, adding another storey to the top of your existing home
We are likely to see more family homes being knocked down and replaced with townhouses, but councils can still object if there is a good reason to do so e.g., natural hazards or heritage value.
This law change will likely result in up to 105,000 new dwellings over the next eight or so years, giving more people the opportunity to purchase an affordable home.
Find out what’s possible your place
If you’re looking to maximise your land, or just want to add one or two more homes, we’re here to help.
Talk to your Property Manager or one of our experienced Business Development Managers today and start the conversation.
