I just made a post on another thread and realised that it had drifted way off topic so I thought I’d start another thread here.
I’ve just completed an owner builders course but am yet to apply for my licence or start a project. The reason for getting my owner builder’s licence is for our PPOR. However, it is a large block with two road frontages that we are looking at. I had thought that putting our house at one front and an IP duplex at the other front would be a good idea. The council said it would be OK too.
Problem is that as I understand it, an owner builder is limited to one project per 5 years and that project can either be a single dwelling (that the owner builder must both own and live in) or a duplex (which the owner builder must own and live in one side but is free to sell/rent the other side).
I was wondering if my idea about the PPOR plus IP duplex is possible for an owner builder. Have I got it wrong or missed a loophole somewhere?
Cheers
SonjaPS this is in NSW if it makes any difference.
I just made a post on another thread and realised that it had drifted way off topic so I thought I’d start another thread here.All been guilty of that at times.
Please dont quote what I say hear as gospel, but I did check out being an owner builder.
Main problem I see is that you must provide insurance to anyone if you sell your house within (I think) 6 or 7 years, and insurance for owner builders is almost impossible.
Thus, I think the first q is, can you afford to hold onto the duplex, and not sell it, esp if it is neg geared, etc.
Why not build the duplex first, and then see if it is a situation (ie building, project managing,etc) that you wish to repeat.
Until then, you dont really have a problem!
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