kasdMember@kasdJoin Date: 2011Post Count: 8
hi all, great forum you have here & want to say thanks to all for the off tap info
so here goes, I purchased a fibro shack (in habbitable, well for most anyway) on approc 1000m2 of land In the Hills district of Sydney about 6 months ago for pretty much on land value. The initial plan was to renovate the existing house with a goal of adding a bedroom, bathroom & additional living space to make it more salable down the track. I opted to all work my self as I am in the fitout trade to save money & as I am sure most of you would know its been a tough couple of months! but were almost there.
As the months have progressed I find myself more & more drawn to building aduplex, living in one & renting the other out, simple in theory right?
I have checked the zoning laws with coucil & I can build a dual occ but can not sub-divide, but my biggest hurdle is coming up with the cash to bowl the old place over & get things started.
So following are a couple of quick questions of which I am sure there are no short answers for.
#build with a builder of the likes of Masterton or Champion who have designs ready to go but you pay a slight premium for.
#If I cant come up with the cash do I engage in a JV with someone who I can traust & is willing.
# Is it harder to sell a duplex on one title rather than a duplex with separate titles.
# has anyone built a dual occ on one title in Sydney & how has it worked out for you.
#Is rental any different for a duplex on one title as opposed to separate titles.
#Would I need to set up a trust to proceed with building the duplex on my own.
#Is there anything I am missing?
#Are there any good books to read on the above?
Thats all I have for now & dont think I would be ready to start for a while but I want to have it all on paper 1st & do all the math.
Thanks in advanceJacqui MiddletonParticipant@jacmJoin Date: 2009Post Count: 2,539
Do you need to bulldoze the house? Could you keep it, renovate it, and build an extra dwelling or two in the backyard?
Also, why sell? Keep both!BluegrassParticipant@bluegrassJoin Date: 2009Post Count: 73
Not knowing where the land is, you are on a hiding to nothing if you do not have the finance and you want to keep it.
There is a great saying, ‘never plant a tree in another mans yard’!
If you want a JV partner make sure they are family and family you want to be in business with.
You have the upper hand in that you have the land, work out a way to move a house there, put a demountable there without you using anyone else’s money. It will be best for you.
Finance I cannot advise on!
BluegrasskasdMember@kasdJoin Date: 2011Post Count: 8
I guess I could jacM, the place that we have here is almost renovated & I would hate to see the cash & hard work go down but I don’t want it to look hotch botched. Been looking around today & I guess I could a small single level place but we would need to have a shared Drive way.
@ bluegrass, I would much rather do it on my own, just looking at options I guess. It’s at Baulkham Hills BTW.
Has anyone Ever put a kit home on to get the second dwelling? Seem very cheapJacqui MiddletonParticipant@jacmJoin Date: 2009Post Count: 2,539