Hey everyone,
Unsure where to post this thread so figured maybe do it here. Please move it if you have to.
Am looking at getting a piece of land in Western Sydney (i've registered for many different estates). Looking at a 300sqm block of land as it's most affordable. I'm looking to get married within a year or two, so would like a PPOR. I'd been looking at places to rent in the areas i'd like the live with my future wife and they were only 100-150 cheaper than buying in the area.
Anyway, I found that the best way to get into a place of my own or a place in general was to get a piece of land that registers in 12 months, and to build the cheapest and most affordable house. Looking at Allworth homes 4 bedder for 200k so overall should cost me around 500-520k if I chose not to do dual-living.
Considering I don't think we'll need a 4 bedder to live in, I had this thought that maybe I could build a double storey place with upstairs being a 2 bedroom unit that I could live in with her and to also rent out downstairs for around 400-450 a week. Looking at altering the plans I found of a builder that does something similar in QLD. With the 10m wide zero lots, you usually only have one garage, so I want to change the garage in that plan to an extra room.
My question is, would I lose my FHB grant if I lived in one and rented the other or would I have to wait 6 months to rent it out (unless I get my mates to rent out downstairs).
Secondly, what would I have to put in place to allow it to be dual living? e.g. firewall, separate meter etc. Should I not have a separate meter and do it together? What are some suggestions do add value or alter the plans that I have attached?
The house attached is 24x6.8m (don't know why it's so narrow). I'd be looking at 20x9.1 or 20x8.5 (garage side can be built on the boundary).
What do I need to keep in mind when doing this project of dual occupancy? I have added an extra 100k to my simple one storey house price. From what I've seen, 2 storey houses go for about 60-70k over what a one storey would, so i've added 30k for second kitchen and other things that may be needed for dual living. Obviously these are rough numbers for the two storey but looking at the 300-320k for building
Goal:
use FHB grant.
save as much money as I can while the land isn't registered so then we can have a total of 90k deposit by the time it registers.
live upstairs in unit.
rent downstairs either 3/4 bedder around 420-450/week. That way at 5% we would only be paying $150-200/week in mortgage repayments on a P+I loan. That'd help us a fair bit early on in the marriage and would work out to be cheaper than renting.
What things do I need to consider?
Unsure where to post this thread so figured maybe do it here. Please move it if you have to.
Am looking at getting a piece of land in Western Sydney (i've registered for many different estates). Looking at a 300sqm block of land as it's most affordable. I'm looking to get married within a year or two, so would like a PPOR. I'd been looking at places to rent in the areas i'd like the live with my future wife and they were only 100-150 cheaper than buying in the area.
Anyway, I found that the best way to get into a place of my own or a place in general was to get a piece of land that registers in 12 months, and to build the cheapest and most affordable house. Looking at Allworth homes 4 bedder for 200k so overall should cost me around 500-520k if I chose not to do dual-living.
Considering I don't think we'll need a 4 bedder to live in, I had this thought that maybe I could build a double storey place with upstairs being a 2 bedroom unit that I could live in with her and to also rent out downstairs for around 400-450 a week. Looking at altering the plans I found of a builder that does something similar in QLD. With the 10m wide zero lots, you usually only have one garage, so I want to change the garage in that plan to an extra room.
My question is, would I lose my FHB grant if I lived in one and rented the other or would I have to wait 6 months to rent it out (unless I get my mates to rent out downstairs).
Secondly, what would I have to put in place to allow it to be dual living? e.g. firewall, separate meter etc. Should I not have a separate meter and do it together? What are some suggestions do add value or alter the plans that I have attached?
The house attached is 24x6.8m (don't know why it's so narrow). I'd be looking at 20x9.1 or 20x8.5 (garage side can be built on the boundary).
What do I need to keep in mind when doing this project of dual occupancy? I have added an extra 100k to my simple one storey house price. From what I've seen, 2 storey houses go for about 60-70k over what a one storey would, so i've added 30k for second kitchen and other things that may be needed for dual living. Obviously these are rough numbers for the two storey but looking at the 300-320k for building
Goal:
use FHB grant.
save as much money as I can while the land isn't registered so then we can have a total of 90k deposit by the time it registers.
live upstairs in unit.
rent downstairs either 3/4 bedder around 420-450/week. That way at 5% we would only be paying $150-200/week in mortgage repayments on a P+I loan. That'd help us a fair bit early on in the marriage and would work out to be cheaper than renting.
What things do I need to consider?
