We want to do some improvements to our PPR in order to increase income, up the equity and invest in another IP.
It has a 10 x 6 colorbond workshop with roller door, side door and window that also has its own enclosed courtyard and 3×3 shed. See illustration Seems a shame to have so much valuable space taken up by a bunch of junk we would throw out if there was not an existing place to dump it in!
It would make a great granny flat if lined, insulated and the roller door replaced with a sliding door/window. We think it could rent for around $180 a week. No idea of added value to property at this stage.
In addition we would enclose the under main roof carport and add a roller door and do a few cosmetic improvements to the main house, driveway and garden.
Current value is probably mid to high 400's (although valued in the last boom at 500 ) we have 50% equity. We hope doing improvements to what we already have should give us more options in the Perth market.
Questions:
Approximate cost of lining workshop and installing plumbing, a basic shower and toilet, outlet and a kitchen basin (no oven, just microwave and 2 burner cooktop)? Nearest water and waste is in kitchen of main house 10 metres away. Would 50k cover it?Recommendations for tradesmen to quote?
Rent as a lodging to boarder or regular tenant as seperate dwelling? I am sure there would be differences in the tax and deductions applicable to each.
Any other ideas?
Thanks!
Carolyn
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