Can I do this ?

Viewing 9 posts - 1 through 9 (of 9 total)

ILIKEMONEY
Member
@ilikemoney
Join Date: 2012
Post Count: 8
October 21, 2012 - 4:56 pm
Hi,
I currently own an investment property in NSW and would like to increase the income from it.
It is a THREE BED TWO BTH DOUBLE GARAGE VILLA IN A COMPLEX OF THREE>
I was thinking of converting the double garage into a studio OR ONE BED AN RENT OUT
I WOULD HAVE TO BUILD A SHOWER AREA AND KITCHEN THAT IS THE EASY PART THE QUESTION IS WOULD I NEED SOME SORT OF PLANNING COMMISSION>
ALSO IT IS AN ATTACHED GARAGE I WOULD BLOCK OF THE ENTRACE TO INTERIOR OF THE HOUSE OBVIOUSLY
DOES ANY ONE HAVE EXPERIENCE WITH THIS
JUST A QUICK QUESTION HOW WOULD YOU SEPARATE WATER AND ELECTRIC METER READINGS>
Jamie Moore
Participant
@jamie-m
Join Date: 2010
Post Count: 5,069
October 21, 2012 - 8:14 pm
Sounds like it would need planning approval. You should call your local planning authority to suss out.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone Me
Mortgage Broker assisting clients Australia wide Email: [email protected]
ILIKEMONEY
Member
@ilikemoney
Join Date: 2012
Post Count: 8
October 22, 2012 - 10:44 am
Hi,
What about just converting garage into bedroom/living area and renting to mutiple sharers the whole house.
Would body corporate affect this in anyway?
Has anyone tried that on this forum
Thanks,
Richard Taylor
Participant
@qlds007
Join Date: 2003
Post Count: 12,024
October 22, 2012 - 10:53 am
Have you looked at selling it under Vendor Finance terms.
Certainly would increase the cash flow.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Jamie Moore
Participant
@jamie-m
Join Date: 2010
Post Count: 5,069
October 22, 2012 - 11:02 am
You'd need to ask them.
I wouldn't rely on info from strangers about a body corporate issue to find out later that it was a problem and all the work needed approval.
Give them a buzz and ask.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone Me
Mortgage Broker assisting clients Australia wide Email: [email protected]
ILIKEMONEY
Member
@ilikemoney
Join Date: 2012
Post Count: 8
October 22, 2012 - 11:02 am
Do tell 007?
ILIKEMONEY
Member
@ilikemoney
Join Date: 2012
Post Count: 8
October 22, 2012 - 12:12 pm
Thanks will do,
What have been peoples experience on here with renting a property to sharers.
Richard Taylor
Participant
@qlds007
Join Date: 2003
Post Count: 12,024
October 22, 2012 - 12:42 pm
You would sell the property at an initial nominated price and retain title to the property whilst the buyer pays you with a series of instalment payments.
You would charge interest on the outstanding balance at a higher rate than you are being charged by your current lender and retain the cash flow difference.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Josh Atherton
Member
@josh-atherton
Join Date: 2011
Post Count: 269
October 23, 2012 - 1:08 am
The blunt answer to your question is to review the body corporate. However, you should technically own what lies within your 4 walls. As the garage is separate, check the exclusive use plans.
Their is a possibility of separating the water meter (I think) however it will depend on where the meter is located. if it is near the house (unlikely) it will be easier. You are better to either charge the tenants an agreed water usage amount and you take on the risk of a slightly higher bill if it arose. Probably cheaper than paying a plumber to install a new meter.
Finally, the main issue I foresee is the car parking. many body corporate's regulate car parking externally from your premises.