Hi All,
Some may remember my few posts from late last year and earlier - I expressed interest in developing on my land in Belconnen, ACT (See thread below)
http://somersoft.com/forums/showthread.php?p=832668#post832668
Well, its done. After roughly 12 months of procrastination and then about 6 months of actually taking action, I've completed what I set out to do with the place. I'm just wishing I did it when I first bought the place (2009)! I dont know why I put it off so long.
Anyway, rough summary of what I've done to my PPOR (which is also the house i share/rent rooms to friends) since about August last year (all on the same block btw)
- Converted my existing and almost unused games room to an extra bedroom + small living room. Total cost 27k - renting currently for $280/pw
- Constructed another 2 bedroom unit (technically an extension) out the back of my PPOR. - Total cost 115k - renting currently for $390/pw
Before all this - I was receiving $450/pw from my PPOR as I share with 3 friends who pay me $150/pw each. Mortgage of about 200k (house value maybe 450k).
As of now, my mortgage is about 320k (redrew 120k for developments) and I'm receiving $1120 p/w rent or thereabouts. Obviously my bills have gone through the roof as I'm now "sharing" with 6 people instead of 3, but after all expenses I'm still easily clearing $350-$400/pw positive cashflow.
I made mistakes along the way, paid for things I shouldn't have, got bad tradies, got good ones, managed things myself, ****ed things up myself, did some things right and some things wrong! All in all I am very happy with the result, as my previously almost unused backyard is now earning me a significant amount of rental income. Anyway, I'm not here (just) to brag, I want to share my experiences.
I want to give a bit back to the community as it was the Somersoft forums that gave me my initial contacts and got the ball rolling. I think I can give a bit back to the forum and am available to help, and share experiences with anyone who is endeavoring to take on a similar project (especially in the ACT as we have our own strange laws here). Ask me anything you want to know either in the public forums or by PM.
Thanks!
R
Some may remember my few posts from late last year and earlier - I expressed interest in developing on my land in Belconnen, ACT (See thread below)
http://somersoft.com/forums/showthread.php?p=832668#post832668
Well, its done. After roughly 12 months of procrastination and then about 6 months of actually taking action, I've completed what I set out to do with the place. I'm just wishing I did it when I first bought the place (2009)! I dont know why I put it off so long.
Anyway, rough summary of what I've done to my PPOR (which is also the house i share/rent rooms to friends) since about August last year (all on the same block btw)
- Converted my existing and almost unused games room to an extra bedroom + small living room. Total cost 27k - renting currently for $280/pw
- Constructed another 2 bedroom unit (technically an extension) out the back of my PPOR. - Total cost 115k - renting currently for $390/pw
Before all this - I was receiving $450/pw from my PPOR as I share with 3 friends who pay me $150/pw each. Mortgage of about 200k (house value maybe 450k).
As of now, my mortgage is about 320k (redrew 120k for developments) and I'm receiving $1120 p/w rent or thereabouts. Obviously my bills have gone through the roof as I'm now "sharing" with 6 people instead of 3, but after all expenses I'm still easily clearing $350-$400/pw positive cashflow.
I made mistakes along the way, paid for things I shouldn't have, got bad tradies, got good ones, managed things myself, ****ed things up myself, did some things right and some things wrong! All in all I am very happy with the result, as my previously almost unused backyard is now earning me a significant amount of rental income. Anyway, I'm not here (just) to brag, I want to share my experiences.
I want to give a bit back to the community as it was the Somersoft forums that gave me my initial contacts and got the ball rolling. I think I can give a bit back to the forum and am available to help, and share experiences with anyone who is endeavoring to take on a similar project (especially in the ACT as we have our own strange laws here). Ask me anything you want to know either in the public forums or by PM.
Thanks!
R