I bought a property for 180K at auction, just above an acre (1.2 agricultural .25 residential) and had it valued at 250K a few months later by the mortgage valuer and have his report (1. could I use the 250 K figure since auctions include most of the market?).
I demolished and built a property intended as my family home but sold without living in it at 171K ‘CG’ (family settled, costs high). It was my first and only ‘home’ and we rented whilst building (3 yrs).
I did substantial land reclamation work worth about 25K and demolished the cottage (quotes for 10K); neither of which costs show up in my books - (2. could I include them somehow?)
If I had agreed with the project manager on a 50K or even 50% share of gain should it be sold, could I include his bill for this as a cost reducing exposure to 121K?
(its gutting not to be aloud this one house as my primary residence – but presumably can’t just recycle the sale value into the new house and not declare!?)
Many thanks
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