All Topics / General Property / Granny flat conversion to increase cashflow!
Hey guys just wanted 2 let ya all know how my new IP is going as i said it had termites, it settled on monday. I had a good look at it and it is very liveable and it just bad in the floor so i have 2 replace the underlay, (slab construction.) i am thinking of turning the garage into a granny flat and renting it for $120 PW, (combined rental $320 pw on $250,000 spend) what are your thoughts on this??? if i do so, it wil be neutral cashflow property as it is in western sydney for $250,000 good buy with good capital.
any thoughts on construction costs???
legality of non council approval/??
Thoughts greatly appreciated.thankyou Nathan B
<<legality of non council approval/??>>
A friennd of mine built a granny flat as a detached extension. Therefore its not supposed to have a kitchen and laundry. After council inspections he put them in got a tenant.
The other day he recieved a notice from council as they heard he has made it into a flat.
Now he is sort of in the pooh. Any advice for him?????
My advice, tread wearily.
Hi Nathan,
very good investment and clever idea to rent out the garage as a unit but you must get Council approval – if you don’t, it will eventually backfire on you. If something happens to the person renting your garage, they can sue you for negligence and/or for not getting it approved.
It doesn’t seem like a good return but you got the other better half – that is the capital growth. On the construction side – if you have a building inspection already done, then a get a few quotes from different builders.
Kind Regards,
George.“If You never never ask, you’ll never never know”
You must be logged in to reply to this topic. If you don't have an account, you can register here.