So I finished one of my granny flats. Brought on-site, approved by council etc.
I wasn't aware of this. As of 18 months ago, unless it is built directly on a slab it is considered 'transportable' and the bank is advised by valuers to assess it as $0.
There are a few exceptions, but even a house cut in two and brought on site is still 'transportable'.
Turns out the banks had the surprise of repossessing a few properties and finding the owners had driven off with the granny flat.
I'm not particularly fussed. $50k investment for $260/week return. However I won't be doing that again any time soon. And my options aren't entirely exhausted. I can negotiate with bank as I'm only borrowing 80% LVR.
I wasn't aware of this. As of 18 months ago, unless it is built directly on a slab it is considered 'transportable' and the bank is advised by valuers to assess it as $0.
There are a few exceptions, but even a house cut in two and brought on site is still 'transportable'.
Turns out the banks had the surprise of repossessing a few properties and finding the owners had driven off with the granny flat.
I'm not particularly fussed. $50k investment for $260/week return. However I won't be doing that again any time soon. And my options aren't entirely exhausted. I can negotiate with bank as I'm only borrowing 80% LVR.