Mrs H from Ringwood has decided to look into a knock down rebuild with her property in Ringwood.
Mrs H bought the home in Ringwood for $170k in the 1970's and owes no money on the mortage. The home is situated on a 1200m/2 piece of land and would be able to accommodate 4 home units.
The build cost would be around $995k and Mrs H is going to sell 3 of the homes and retain one home for herself. The homes have been valued for $570k each, leaving a profit of $545k if three were sold and one retained.
Mrs H has decided to go ahead with the knockdown rebuild on her Ringwood property and is very happy with the estimates provided. Mrs H is now looking at not only a brand new home but a sizable nest egg for her retirement.