WWYD- $500k property- Sell or buy out brother

[jesusinsideme247]

My dad passed away last year and left my brother and l a farm. 50 hectare
There no animals, dence woodland, rock, creeks with massive ledges and only a small area that you would be able to clear and build. 6 acres of build space.
Road clearance is only 2.4m wide.
It has an existing 6 bedroom house that is 90% asbestos….keep in mind the property is located in the middle of nowhere. So building and getting a tenant is highly unlikely.

Property and land value $500k

Cost to clear, build a house $300-$450k due to being in the middle of no where and hard to access the site and disposal of current house. It would be a headache.

Should l sell my share or buy my brother out?

 

[alongtime]

@jesusinsideme247 I'd say sell your share. Asbestos house and middle of nowhere sounds like a massive headache and it's going to be really shit to get trades in for a build.

Use the money now and invest it.

 

[tri21mom]

@alongtime Sell - use the deposit on a property worth 600k with passive income

 

[jesusinsideme247]

@tri21mom I’m building my “dream” house at the moment and bank flagged it to something to think about selling.

 

[franc254]

@jesusinsideme247 Depends on your lifestyle.
Personally, if I could buy out a lifestyle property like that just for some where to take the kids camping, bushcrafting and general adventuring..
Well, that's just the kind of thing memories are made of.

 

[angeluna]

@jesusinsideme247 If you and your brother don't badly need the money, and have or plan to have families, and might enjoy camping, then you could just keep it for now.

The (asbestos) fibro house, with basic maintenance, would be ok as a holiday place. Patch and paint.

Get away from it all, and chill?

 

[puckett]

@angeluna This sounds amazing. Skies would be crystal clear too, so perfect for stargazers.

OP, maybe look at listing it on Airbnb too? Not sure if the asbestos is an issue there, just thinking out loud.

 

[resjudicata]

@angeluna Yeah the asbestos sounds great! I'm sure OPs kids will grow up with really healthy lungs /s

 

[angeluna]

@resjudicata Unless the kids are going to be hitting the walls with a sledgehammer, or drilling/punching holes in it, or ripping out the eaves, or old lino, then they'll be fine.

 

[nemoore]

@jesusinsideme247 cost of housing keeps rising. if there is a lot of asbestos and it is in the middle of nowhere as you say, then you're looking more like 600k+ to clear the land and build a basic house

 

[laurie_04021997]

@jesusinsideme247 The asbestos on the house is a non-issue. Depending how far the removalist has to travel it may cost 60k for a knockdown and removal, the guys might even camp onsite and get on the beers if it's far enough away from civilisation. If there is asb all over the site though, then it starts to get expensive just due to labour costs.

There is always some rich city folk looking for a bush retreat though who doesn't care about the asbestos or anything else, so if you can line up a buyer, get that money.

 

[kingofthepenguins]

@jesusinsideme247 I'd sell it. Doesn't sound like you have much use for it. Might as well cash in.

 

[susanedgar37]

@jesusinsideme247 Just sell. It will then never need to be brought up in the future. If you want an investment buy another with the proceeds.

 

[mathusala]

@jesusinsideme247 Apart from the work needed to make it into a holiday destination etc.. How much do you love going there? Sell your share if you aren’t loving it. Be prepared for losing money later on if it works out for your brother.

 

[lindseym1013]

@jesusinsideme247 Knocking down an asbestos house might be 100-200k of demo and waste disposal costs alone.

Unless you’re just building a basic prefab, build costs are way more than that for remote locations, if you can find a builder.

If you want to build a house there and retire, great, otherwise move on

 

[evergold]

@lindseym1013 Plenty of kids playgrounds around the place that seem to be good dumping spot for asbestos.

 

[rachel_44]

@lindseym1013 I don't think demo and removal would be $100 to $200K. I realise it is remote but the average knockdown and removal would be more like $30-$40K .Remote towns can have way cheaper rubbish fees ie asbestos per tonne.

 

[vk25jonbis]

@jesusinsideme247 I’d keep it. Sounds like there’s no mortgage on it - the area might become a tourist attraction in 10 years

 

[jesusinsideme247]

@vk25jonbis There’s WAY to many snakes, spiders and no base hospital with anti venom.

 

[billvelek]

@jesusinsideme247 Sell it to me,