Hi all,
In the process of renovating a dual occupancy property and strata titling it. The property has a shared garage. All that is needed to turn it into 2 single lockup garages is a dividing wall.
The funny thing is the current tenants prefer to keep it as it is (easier access etc) but they do understand that we will probably do what will maximise the value of the units.
So my question is: by how much do you guys reckon a single lock up garage will increase the value of each unit (2 units in total) vs having a shared garage?
Am also wondering if there is a valuer here that could lend his expertise? A broad ball-park figure would be fine, of course 😊
Cheers,
EthanEthan Timor | Aligned Finance Pty Ltd
http://www.alignedfinance.com.au/
Email Me | Phone MeActive Investor & Broker; Based in Northern NSW, servicing Australia wide; Author of '34 Proven Ways to Maximise Your Borrowing Power' (download free from our website)
Thats hard to say but me personally, I would rather my own garage than a shared one. I would be happy to pay an extra $20/week.
Colin Rice | CDR Finance
http://cdrfinance.com.au/
Email Me | Phone MePerth Based Mortgage Broker - Investment Property Finance Specialist | E: [email protected]
Thats hard to say but me personally, I would rather my own garage than a shared one. I would be happy to pay an extra $20/week.
Thanks, Coiln! I was thinking the same (and was surprised to hear the existing tenants prefer to keep the shared garage going). Even only $10 p/w increase of rent at a 5% yield, that’s like a $10k added value to the unit which is pretty sweet as the wall building will cost under $2k all up 👍😎
Ethan Timor | Aligned Finance Pty Ltd
http://www.alignedfinance.com.au/
Email Me | Phone MeActive Investor & Broker; Based in Northern NSW, servicing Australia wide; Author of '34 Proven Ways to Maximise Your Borrowing Power' (download free from our website)
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