All Topics / Creative Investing / BUILDING A HOUSE ON THE BACK OF A BLOCK. SPLITTER. PLANS APPROVED

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  • Profile photo of CherryBerryCherryBerry
    Participant
    @cherryberry
    Join Date: 2014
    Post Count: 1
    June 15, 2014 - 1:01 am

    HELLO

    Please can anyone with experience explain to me how to build on the back of a block?

    1.What are the things I need to be aware of?
    2. What insurance types do i require to build?
    3. What is the minimum buffer I should keep aside in case of something going wrong?

    Any other thoughts would be appreciated. Apparently, I will have to organise separate power, and I can’t rent the front house out while the back house is being built, does this sound right? I have spoken to 2 financial planners and they say that I will be up to my borrowing capacity after this build. Already they have projected that I cant retire till im 60 or over, and only on an income of $30k or less. I was aiming for a $70k income in retirement. So it’s essential I get the build right and am aware of any issues that could arise

    You’re welcome to let me know of anything, no matter how small or simple as I may not know and it will help others in a similar situation to mine.

    Thank you in advance

    Profile photo of JpcashflowJpcashflow
    Participant
    @jpcashflow
    Join Date: 2007
    Post Count: 575
    June 15, 2014 - 11:02 am

    Hi
    What state are you in?
    Maybe a good idea to talk to a builder
    Renting the house out while another is being built maybe a bit tricky

    Jpcashflow | JP Financial Group
    http://www.jpfinancialgroup.com.au
    Email Me | Phone Me

    Your first port of call in finance :)

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