Dual Income from one property

[Jacque]

Hi all! Love the new forum format by the way..........

Just wanted some experienced people's words of wisdom on how exactly you go about converting a garage or office into another residence. I am looking at buying a property that has the potential to build a self contained unit either underneath the house (in the present double garage) or in a separate garage.
Exactly how do I go about getting council approval for such a project?
How do I know, before I buy the place, that such an proposition will be passed?
Many times houses are advertised with "potential for granny flat under" etc but how does it work on the one title? Are separate water and electricity meters needed? So many questions.....

Hoping someone can help me out here. BTW, I am looking to buy in Brisbane.

 

[Michael Croft]

Hi Jacque,

So many questions, so little time. Yes it is posssible but it is council and property specific so the answer for yours is maybe.

Firstly talk to council (without telling them exactly where it is) and find out if it is OK to do it in the area - get copies of existing plans.

Then run your ideas past a local architect (the initial consult free type) or a local builder to see if its possible with that property.

Separate meters for gas and elec no problems, sep water meters may result in a secondary meter if required (one reading then subtract the secondary from the main etc)

Consider taking an option on the property if you are running out of time, it may be worth it? But the council - builder - architect route is the way to go, should take about a day all up.

Good luck,

 

[Jacque]

Thanks for that Michael Glad to see you here again on the forum- your wisdom has been missed

 

[frian03]

Possible Stumbling Block

Will having a tenant in a granny flat have an adverse effect on your ability to let the main property. Many people are funny about their personal space.

 

[Michael Croft]

Hi,

The short answer is yes and no.

It depends on the the type of tenant the location attracts. If a predominantly family suburban area, then probably yes. If an inner city location then probably no.

I have a number of dual and tri income properties and they have had less than 1% vacancy long term. The rental returns have consistently been 30 to 80% above the area average as well.

Selling is a little more problematic as you will have narrowed the appeal to investors. It is sometimes worth reverting back to the single home to broaden the appeal but this is very property/area specific.

regards,