I have been looking for the past 12 months at purchasing acreage in the Logan Village/Tamborine area either with a large modern house or to build on but there has been nothing that has grabbed our attention to date. Recently I started looking at the blocks that have a small 3 bedroom house on it and looking at moving into this for 12 months or so and building a 2nd dwelling on the same block which we would move into once complete and rent out the smaller house.
I have rung Logan City Council and a private town planning company for advise and it all seems possible albeit somewhat murky as they cant give definite answers until I own the block, which is kinda scary as if we take the plunge and we dont get approval to build I can see the mrs making me live in the shed
Anyone had any experience in this sort of thing?
Is it legal to rent out the original dwelling once our dream home is completed?
Is there any capital gains implications if I rent out the smaller house? I was thinking of renting it to friends maybe privately off the books.
Hi WhiteKnight
Firstly welcome to the forum and I whope you enjoy your time with us.
I have had a few clients do exactly what you have indicated in the Waterford area although the blocks have been big enough to enable a 2nd dwelling to be constructed on the land.
If you are looking at small acreage and the zoning allows for dual occupancy then i can't see too much of an issue.
I would be ringing another Private Town Planner and ask them what sort of property would be eligible.
Certainly there is no drama in renting out the front house and living in the back block once this has been constructed.
Might find financing it an issue depending on numerous variants as a lot of lenders do not like more than one dwelling on a residential A block.
Your mortgage broker should however be able to get around this one but any problems shoot me an email and I can point you in the right direction.Richard Taylor | Australia's leading private lender
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