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I'd like to add that if you have an existing laundry and kitchen upstairs, and wait to build in the house underneath with another kitchen and laundry, you may hit trouble with getting building approval.
As Louise 'frangipannitea' mentioned, this would be considered dual occupancy and may need further town planning (material change of use) approvals from the local authority. This can be costly in regards to the time delay as well as the council fees. Not to mention the heartache.
If you want a kitchen downstairs, call it a 'wet bar' on the plan.
littleguybigworld
Firstly I'd like to just point out that it's not a 'council approval' as almost everyone thinks – there is no such thing. It is state legislation that building work requires approval. Logan City Council may employ certifiers that do building approvals, however there are hundreds of private certifiers in QLD that can do building approvals all over the state.
My solutions:
1) Remove the roofing – If the patio is a derelict timber structure with say iron sheet roofing, you may have a hard time getting building approval. You could argue with the council that if you take the roof off the patio, then it would be considered an 'unroofed pergola' which many councils accept does not require approval. The reason why I say 'many councils' is because each one of them has their own opinion on the QLD legislation. I suggest contacting the building dept. of Logan C.C (especially the contact person on the letter they sent you saying you need approval) and discuss this option.
2) Pull it down and tell the council it's gone – What you may not realise is that if you are given a timeframe to act and do nothing about it, the council can take court action against you. This has happened before. Big fines. Discuss with the council what their intentions are so you can get a feel for it.
3) Get a Stratco or similar patio cover built – this is a much cheaper alternative than getting a timber patio built, especially if you do it yourself (which may not be an option). Shop around. Get Stratco to provide a cost of a kit and installation, or contact local handymen and ask how much they can put it up for you for. Remember that having a decent patio compared to a crappy one will improve your house value.
4) Go see a private building certifier – call them up and explain the problem. In order to get approval, you'll have to either get the plans drafted or draw them yourself. Some certifiers won't accept owner drawn plans, so discuss that. They will then need to rubber stamp the plans and give you the approval. Next they need to do the final inspection. They may not particulary care and just give you the final certificate, or they may ask you to upgrade the sizes. Remember, they don't care about workmanship. They care about the rafter size and spacings, beam size, guttering and stormwater connected. They couldn't care less if the previous owner wasn't the best handyman.
Good luck!
littleguybigworld
Hi Glen,
I haven't bought there recently, but I have lived there, and so do my family. It's a working class town that's for sure. Prices are reasonable and so is the rental return. Currently housing has grinded to a halt up there, and a lot of tradesmen are looking for work. A large percentage of the townsfolk are tradesmen. I'm not sure if that's a good or bad thing for IP, but there could be some fire sales available if you hunt around.
If you have any specific questions I might be able to ask around for you.
littleguybigworld
Thanks for the help guys. Unfortunately I can't move back in with the parents, they are out bush. I'm the only family member for hours. I think it'd be best to move out and rent this place, as I'd be saving thousands a year.
I've been working on the basis that I need to chip away at the principal amount, and over time as duckster says, the interest will be less than the rent return. I'm confused regarding the 'paying interest only' option. What is the benefit of this other than having less repayments and capital gains tax?
My current contributions are $1923 per month on a fixed rate, expiring this July. Should I be upping the repayment to my breaking point for the next while to get it as low as possible. That way in maybe another 6 months or a year I can re-assess my borrowing capacity. For the record, my broker didn't say I didn't have enough borrowing capacity, but this was my impression after asking him.
I imagine I'd be getting $300 p/w rent return which would leave me $700 short p/m. Is this too early to look at a 2nd IP?
I guess what my question is, should I sit tight until at least July when I can reassess my current loan, in order to see my borrowing capacity for another IP? Or should I press now, or in another years time, or two?
littleguybigworld
Hi there QM. These estates are very popular. North Lakes is quite popular with upper-middle class, as it has a large shopping centre, awesome golf course, schools/colleges/child care centres. It's been developing for a number of years, so if you're after <5 year old houses within a reasonable distance to the CBD, it's a sought after area. In my opinion the prices are quite expensive. Very marketed towards young families.
Mango Hill is a suburb right next to North Lakes which has older housing. I had an inside tip this week that a lot of 800sqm Res A zoned single housed properties are being demolished with units and townhouses going up in this area. Get in before everyone knows about it. I'm considering units in this area. Also, FYI, the local govt. and councillors are fighting to get a new train line that extends from petrie or kallangur to Redcliffe in the next say 10 years, which will pass through North Lakes/Mango Hill.
Halpine Lakes is another estate close to North Lakes with new land and houses. You may find the prices cheaper here. Both these estates are located close to the Bruce Highway exit for easy access to the CBD. The closest train line is probably Kallangur or Petrie which could be a 10-15 drive.
Warner Lakes is located a bit closer to suburbia, west of the highway. It's only 5 minutes from the train station, but I would not personally live there since it is a pain in the bum to drive to it from any location.
I don't know the median prices or rent return (I'm sure you can find this out) but I can offer that local knowledge. If you have any specific questions go ahead, I might surprise you and myself. This is all I could think of for now.
Good luck!
littleguybigworld
