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Your home stands in the way of a proposed new government development. This may be a new road, road widening, a railway line, airport or some other infrastructure project funded by government.
This is never an ideal situation. Your home, the place that you live, love and laugh in, is in the way of construction and they want you out. This situation was even the premise of the iconic Aussie film The Castle.
Firstly, you need to be fully informed about the process. You need to know exactly what your options are so that you are equipped to appropriately deal with the situation – whatever the outcome may be. If the government wants your house for development or construction, then Independent Property Valuations specialise in house valuation in Sydney. We can build a detailed and accurate reports to help you when negotiating the terms of the land acquisition.
Here are a few things that you should do and know.
Properties are usually acquired under the Land Acquisition (Just Terms Compensation) Act 1991. This allows the landowner to claim market value as well as costs associated with moving and replacing the property as well as solation which is a modest allowance for emotional attachment. Read more about Compulsory Acquisition of Land.
Panic never helps a situation. Although this is a very overwhelming position to be in, don’t react rashly or impulsively to the news. Take a bit of time to breathe, have a cup of tea (or a glass of wine!) and wait until you have calmed down before doing anything to respond to this news. Once your nerves have settled a bit…
A property lawyer can be of assistance in taking the worry off your shoulders. Either you or your lawyer can engage a property valuer to maximise compensation that can be claimed. The valuer will also be involved in the negotiation process.
Independent Property Valuations have expert knowledge and experience in matters of house valuation in Sydney. If the government wants your house for development or construction, then be informed and prepared. Phone us now on 02 9659 5446 or contact us online.