在澳大利亚 The pool at of an IP needs to be resurfaced (or so the pool doctor says), the cost was estimated to be $10K ($10,000), after recoverying from my impresssion of a cat coughing up a fur ball, it just seems far too much. Its just a standard poo I need some advice regarding a property purchase. Property - semi-detached house Bedrooms - 2 Condition - average needs internal reno to modernise Street - one of the best in suburb Location - excellent Close to schools - yes Transport - 50m
The following house is 4/2/1 +1 (shop/flat) and was currently being used for a bed and breakfast
Its priced cheap and to neutral gear i would only need 200 a week in rent
There is a dividing wall that runs down the centre of the house and a area in the front of the house where a kitchen could easily be installed and 2 areas where laundries could be installed.The end product would result in 2 tidy 2 bedders and a studio apartment producing 3 streams of income
There is a shop to the side of the house that has the plumbing for a bathroom and kitchen (you would need to fit this out as a studio apartment.)
My brothers a sparky so he would do the wiring to split the electricity.
The reason for my question is that, i have never split a house before and certainly never turned a shop into a apartment
where do i go for advice for this,are there council regulations? has anyone done this before?
if i went ahead and did this i would need to be certain that i would gain from retal yield as its a low social economic area and i wouldnt be gaining any cg from it
oh and yes there would be limited parking
You will need to check with your council first. The zoning of the property plus development restrictions eg dwellinig density will play a part.
You may also need to do significant structual changes, eg replace or fire rate the dividing walls, doors, emergency lighting etc
david kean said: ↑
...... its a low social economic area and i wouldnt be gaining any cg from itClick to expand...I really don't "get" why anyone would invest in RE without the expectation of CG Why would you pay stamp duty, maintenance costs, PM, and put up with tenants and their demands (or vacancies) for rental yield??
I could get 20-30% yield p.a. in the share market by writing covered calls every other month when it suited me, for 2 phone calls to a broker. 1 phone call to a broker and in 3 days I get my money back.
In answer to your specific Q. It is unlikely to be approved by your council without proper fire walls etc.