Here we go again folks. Just submitted plans to council for our long awaited 3rd duplex project. This one has dragged on for about 18mths and has just taken a recent twist. After planning the duplex (two project homes on the site) we came up against ongoing finance issues, particularly during the recent lodoc changes.
A friend was planning a similar project nearby and was experiencing similar problems. His wife suggested throwing a couple of cheapies onto the site and so we ran the numbers on a 2 bed kit home. After running the BOE feaso and discussing the product with local agents, we were pleasantly surprised with the results. We could build these units at a much cheaper cost and realise similar profits and/or higher rental yields.
Since finance still restricts us we will be constructing one at a time - will either strata subdivide and sell, or rent and refinance before beginning the 2nd unit. Doing it this way we have enough funds in our offset account to cover all expenses for Unit 1.
Here are some shots of the plans and elevation 1. Sorry the quality is a bit poor. Will give more info and pics in next post.
A friend was planning a similar project nearby and was experiencing similar problems. His wife suggested throwing a couple of cheapies onto the site and so we ran the numbers on a 2 bed kit home. After running the BOE feaso and discussing the product with local agents, we were pleasantly surprised with the results. We could build these units at a much cheaper cost and realise similar profits and/or higher rental yields.
Since finance still restricts us we will be constructing one at a time - will either strata subdivide and sell, or rent and refinance before beginning the 2nd unit. Doing it this way we have enough funds in our offset account to cover all expenses for Unit 1.
Here are some shots of the plans and elevation 1. Sorry the quality is a bit poor. Will give more info and pics in next post.