So the thread name pretty much says it all.
Background info: My family owns a 5 acre parcel of land on the gold coast that is within the urban footprint and zoned for LMR 600 sqm blocks. I am currently studying town planning and one day hope to develop this land into 20-30 blocks depending on a number of site constraints such as sloping, vegetation etc., flooding, etc. But yeah back to the question.
The block is owned outright and there is a very old house on it 70+ years (no heritage constraints) that is 2 bedroom 1 bath 2 garage. The house actually looks pretty good and it has a fair bit of character.
So if I had a budget of 100k for the project who thinks I should use it all on the house size to increase bedrooms and a bathroom or perhaps a minor cosmetic reno of 30k with a few structural changes and get a 70k granny flat and try and rent that aswell to get two sources of income?
Any thoughts?
Cheers
Background info: My family owns a 5 acre parcel of land on the gold coast that is within the urban footprint and zoned for LMR 600 sqm blocks. I am currently studying town planning and one day hope to develop this land into 20-30 blocks depending on a number of site constraints such as sloping, vegetation etc., flooding, etc. But yeah back to the question.
The block is owned outright and there is a very old house on it 70+ years (no heritage constraints) that is 2 bedroom 1 bath 2 garage. The house actually looks pretty good and it has a fair bit of character.
So if I had a budget of 100k for the project who thinks I should use it all on the house size to increase bedrooms and a bathroom or perhaps a minor cosmetic reno of 30k with a few structural changes and get a 70k granny flat and try and rent that aswell to get two sources of income?
Any thoughts?
Cheers