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Subdividing your property is the process of demarcating and selling a certain portion of your property. It could be a part of your yard, lawn or garden. It could be one floor of your house. It could be a loft or just the garage. It could be several small sections or small apartments carved out of an existing floor. Subdividing is not confined to just selling liveable spaces or parts of the home where a new family or an individual can move in. Subdividing may also cater to storage spaces or for any other purpose. As long as you have someone interested in purchasing a part of your property, you can consider subdividing.
Subdividing will allow you to release your cash which is stuck in the fixed asset, that’s your house. Here are five reasons why you should consider subdividing.
If you don’t have a mortgage, then you will have the cash at your hand. If you have a mortgage, then subdividing will allow you to pay off that mortgage much sooner than you can do otherwise. You can reduce the amount you pay back if the purchaser of the subdivided property wants to sign up for the portion of the mortgage for that demarcated space. Any approach you take, you will get some or complete relief from your mortgage.
You can consider subdividing to raise funds for your childrens’ education. Higher education is expensive and it will only get dearer. Staying away from home will compel you to pay more allowance to your kids. All this can easily take a financial toll on any family. Subdividing makes more sense when kids move out because you can afford to sell off some space. The money you raise can fund your child’s or grandchild’s education.
Your children may be getting married, they may have moved out or you may want to assist them to buy a new place. Not everyone has the spare cash needed to support these developments. Subdividing will get you that cash.
Consider subdividing your property simply to make some money which can make your retired life more secure financially and you can continue a lifestyle you want.
In many cases, a property is too large for retired folks. Maintaining the large property is a painstaking task and the space is also not utilised properly. Instead of dealing with the issues, subdividing will allow someone to have a home, you can have some money and you don’t have to worry about the demanding maintenance, especially of areas that you don’t even use any more.
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