I've got a property on a 800m2 block that's zoned medium density in Umina.
Now my conundrum is that I don't know whether I should put a granny flat in the back now or wait a couple of years and put three or four townhouses on the land.
Currently the house is renting for $410 a week and a new granny flat would probably add around $300 per week on top of that for an outlay of around $120k.
A 3 bedroom, 2 bathroom townhouse would rent for between $400 and $450 a week, making the total return between $1200 and $1800 per week, depending on whether I would be allowed to build four or only three.
I don't really know how much this would cost me, as I haven't looked into it in detail.
What would you do and why?
Now my conundrum is that I don't know whether I should put a granny flat in the back now or wait a couple of years and put three or four townhouses on the land.
Currently the house is renting for $410 a week and a new granny flat would probably add around $300 per week on top of that for an outlay of around $120k.
A 3 bedroom, 2 bathroom townhouse would rent for between $400 and $450 a week, making the total return between $1200 and $1800 per week, depending on whether I would be allowed to build four or only three.
I don't really know how much this would cost me, as I haven't looked into it in detail.
What would you do and why?