Hey guys just wanted 2 let ya all know how my new IP is going as i said it had termites, it settled on monday. I had a good look at it and it is very liveable and it just bad in the floor so i have 2 replace the underlay, (slab construction.) i am thinking of turning the garage into a granny flat and renting it for $120 PW, (combined rental $320 pw on $250,000 spend) what are your thoughts on this??? if i do so, it wil be neutral cashflow property as it is in western sydney for $250,000 good buy with good capital.
any thoughts on construction costs???
legality of non council approval/??
Thoughts greatly appreciated.thankyou Nathan B
<<legality of non council approval/??>>
A friennd of mine built a granny flat as a detached extension. Therefore its not supposed to have a kitchen and laundry. After council inspections he put them in got a tenant.
The other day he recieved a notice from council as they heard he has made it into a flat.
Now he is sort of in the pooh. Any advice for him?????
My advice, tread wearily.
Hi Nathan,
very good investment and clever idea to rent out the garage as a unit but you must get Council approval – if you don’t, it will eventually backfire on you. If something happens to the person renting your garage, they can sue you for negligence and/or for not getting it approved.
It doesn’t seem like a good return but you got the other better half – that is the capital growth. On the construction side – if you have a building inspection already done, then a get a few quotes from different builders.
Kind Regards,
George.“If You never never ask, you’ll never never know”
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