Hi, I have done a lot of reading of old posts on here which have been very helpful.
I am looking to buy a property on the GC and convert it into a boarding house style,
I’d like to find a 4-5 bed home and convert it into 4 micro apartments, each with their own en-suite and kitchenette with communal main kitchen/laundry and living area. – looking for long term residents, young working professionals,, not so much wanting to target students
Wondering if anyone could shed some light on the steps to achieve this, in terms of council compliance- so zoning? meeting with a town planner etc..
Say when I find a potential property, would I use a town planner to assess whether it would be suitable for conversion, if so, proceed with purchase and would the town planner then liaise with council in organizing approval/private certification, once approved, find a builder that will convert it meeting requirements- so things like fire safety etc. then speak with an agent to look for residents?
If someone has done this specifically on the goldy, would love to have a chat. thanks!
Hey Jimmy,
I live on the gold coast & I would question is this strategy better than just buying a property ready to room let out?
have you done comparisions of cost time etc.
as an example, I have a client who purchased a property in Southport (3b townhouse)
converted garage to ensuited room.
gets $780+ rent as now its a 4b and rents to students/professionals etc
and the purchase was well under 400k
the main reason is I am really unsure if you will actually get approval for the above because what you are talking about is very different from typical approvals.
So usually the town planners work for the council mate, it’s a private certifier who usually puts the apps in for people who do not wish to submit themselves.
This link always to search the properties zoning & read on the limitations & scope of the zoning (great tool)
http://cityplanmaps.goldcoast.qld.gov.au/CityPlan/
I hope this information helps, I have seen similar things done but not what you’re talking about in the way you wish to do it.
Kind regards
Jaxon Avery
Disclaimer: This is general information only & may not be right for your situation or circumstances.
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This reply was modified 4 years, 3 months ago by
Jaxon. Reason: Add disclaimer
Jaxon | Jaxon Avery – Financial Adviser
http://www.jpafinancialservices.com.au
Email Me | Phone MeJPA Financial Services Pty Ltd
Thanks for your response Jaxon, that example looks very impressive, I would have thought it would have been much more expensive in southport.
This idea came from listening to a property podcast awhile back, the guy had some interesting concepts, basically converting 1a building to a 1b, apparently possible with every council, and mentioned the goldy specifically. can get a ‘universal access’ exemption and the insurance is ‘manually under written’ so its not commercial boarding house costs
I have read that brisbane council allow for a home conversion for upto 5 un related parties, each with self contained rooms with a shared communal area. does not need to be council approved, but run through a private certifier for self assessable approval. and zoning can be low density.
the converted dwelling would need to include at least 1 bath, a phone line for emergency calls, 1 letterbox and 1 set of bins allowed, linked smoke detectors in all rooms, etc etc..
Before anything, I guess my first point of call should be to a town planner to see if anything similar exists for the coast.
Thanks again mate.
Jimmy
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This reply was modified 4 years, 3 months ago by
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