Agreed, so long as you don’t bastardise a house by splitting rooms/modifying it beyond recognition as a “family home” etc it will always hold the underlying value of a residential property so there’s always that fall back.
Ah ok, best speaking with someone who has done a renovation before as I’ve not done one:(
I live outside Brisbane but we have a Student Accommodation property in Kelvin Grove. I use Hive Student Accommodation. It’s owned/run by two young guys, one handles the management side and the other does development consulting I think. They used to work…[Read more]
Vacancy risk spread across multiple tenancies
Often can be positively geared very quickly
Remember to factor utility costs into rent
More labour intensive means you almost have to use a property manager or you’ll go insane!
Adelaide sounds similar to Brisbane, if you’ve got 5 or less people council are ok with it and fire compliance is the same as regular residential rentals. 6 and up gets a bit trickier.
Best to speak to a specialised manager of student accommodation, there are two main players in Brissy, Hive Student Accommodation who i’ve dealt with and The Pad.
Sarah replied to the topic WARNING: Dual Living/ Granny Flat unapproved Duplexes- Brisbane City Council Enforcement Notices in the forum General Property 5 years ago
If you already owned them i’d say go for it. But when you are looking to invest based on the rental revenue you could get caught if it’s too many people/households under the city plan and they make you drop some of the leases! From the bit i’d know i’d say each house would be fine to rent to up to 5 people but not sure how using it for…[Read more]
Sarah replied to the topic property development investing rules in Brisbane – student accomodation in the forum Creative Investing 5 years ago
Never done a renovation but you wouldn’t want to carry the risk of non fire compliance! Since the Childers backpackers disaster a few years back I understand that multiple person properties over 6 unrelated people require a higher fire compliance to residential properties. Wouldn’t want that risk on your conscience or wallet.
There’s a company…[Read more]
What do you mean get started? Do you have a property already or are just feeling out a few options?
There is money to be made in student accommodation. Some investors love it, some don’t. I like it as I feel my vacancy risk is spread across multiple tenancies and at least in my case the higher rental return offsets the higher…[Read more]