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Thank you. I will check both of them out.
Hi,
Thank you for your comments. I spoke to council and the subdivision was not possible due to the land size so we are not pursuing this possibility. It has been a useful process however to learn a lot more about the subdivision process and I will certainly keep reading up on it so we can be more informed about whether to go down this path in the future.
Cheers
Thanks for the comments. I will have a read up on the fire and noise ratings.
The downstairs has 3 external doors (one at the front, one at the side, and one at the back). The upstairs has a front entrance and a back exit to a large balcony, so I would have (naively perhaps!) thought that fire exits were at a good starting point. The soundproofing between floors sounds like it could be more of an issue. We are viewing the property again today so I will try and read up more on the issues prior to the viewing so I am more informed.
It does sound much more complex that we initially had thought.
The other option we are considering is to rent out one floor and for us to live in the other (since we are renting elsewhere at the moment). Would that make a difference? I assume we would still need to subdivide to make it legally sound to do that? Our tax breaks wouldn't be as good but it is certainly financially viable for us to do this if it means making the subdivision process easier and/or cheaper.
Thanks for your comment Catalyst. The above totals for the portfolio account only for $295 of our $350 budget plus we plan to keep saving $6k per month over our 18 month purchasing period. This is to cover the additional costs you mention.
We are not looking to do serious updates, just simple updates which we can do ourselves at minimal cost.
One of our biggest concerns is a fall in property prices in the short term as it will hinder our ability to sell and reinvest in higher yielding properties.
Hi Richard,
Thanks for your posting.
We live in NSW.
Thanks
