Hi All,
I have a block of land and was considering building 2 houses (standard type 4×2’s) or 3 over 55 units on it. (3×2’s) (If building as over 55’s council allow a higher density)
Any thoughts on this, I havent built over 55s before. My strategy is to build and hold so I’m looking to rent out and create most equity. Building the 3 units will realise more equity on completion.
But if you build over 55 units do they have to be rented to over 55 people? So does the rental add have to say “young people dont apply” How does it work.
Obviously they would be worth more if not classed as over 55’s, so from a valuers point of view does he value them down because they are for over 55’s. Is this something recorded on the title – forever, or can it expire?
Across the road a developer built 2 over 55 units (actually houses as 4×2’s) They are for sale but thier is no mention of the ‘over 55’ thing in the sale adds. Is that legal?
Any thoughts on any of this, or any thing else I should consider would be greatly appreciated.Thanks
GrantI didnt know council will allow more density for over 55s, it certainly didn’t hurry up our council with approving it – took them 2.5 years. I will certainly look into it. I cant believe they could enforce who you rent to, how could they monitor it, wouldn’t that be descrimination.
I designed two on a block specifically for over 50s downsizing, guess who is interested in buying it – mostly business couples. Biggest sell prices goes to 3 bedroom, even with a spare multi-purpose room as a office, gym, home theatre, agents will list this as another bedroom – I suspect the same goes for rent so I would talk to an agent. With the interest we have had in two big ones on a block (2 master, 2 living areas, 1 powderroom, 1 multi purpose room, & a ditto with 1 extra bedroom, rather than 3 small units I will do the figures on building 2 big on a block in future – I think people may want space in the house, but no land to look after.Fern
Hi Grant7
You should check with the local council. I know in some areas if the DA was approved specifically as an over 55’s complex, this is registered with the title, and although anyone can buy, only over 55’s can live there. Many sales agents are ignorant to the fact so their advise is probably next to useless. Having said that, you might get away with renting to under 55’s if no-one complains or realises.
Wake
Hi Grant7
I have a friend who has been trying to buy an over 55’s unit for his dad – who is over 55 – to live it. But he can’t buy it as he himself is not old enough. He also buys through trusts and that wasn’t allowed either.
Dunno about an under 55 renting though….
Never predict what a council will or will not do! San Francisco, California you may think is a different world from where you are, governed by different laws etc. they are that, but they are also governed by a Board of Supervisors (a council) these are non paid positions held by people who know better than anyone else what is best for you and your property. In this old city of high rise apartment buildings with small turn of the century elevators. Many of these apartment building were rented to seniors only, because the apartments were small and the hallways narrow. It would not be conducive to family living, the noise and damage caused by young children would not be desired by anyone, landlord or renters. But the council knew better and required all rentals in San Francisco to allow children. End of story no appeal to higher authority. Property rights in San Francisco is barely existent, it is certainly not God given and I bet it is not where you live either.
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