First IP - Reno questions

Hi all, this is my first post. I have been avidly following this board for the last 3 weeks and it is truely very inspiring to see such a community especially with all the advise and help the more seasoned investors give to 'newbies' like myself.

Here is my first question, i just bought my first IP in Riverton http://www.realestate.com.au/property-villa-wa-riverton-106235464, reason being i wanted a RSHZ (Rossmoyne high school zone) place for the kids in the future. It is a 2 by 1 Villa and it's survey strata'ed. If you look at the pictures, it also has a decent size garden at the back and i was wondering if i could extend the space and try to make it into like a 3 x 1 or 3 x 2. My question is, is this legal? What approvals do i need to make this happen and also what kind of tradesperson do i look for to quote for this work if it's possible. Thanks in advance

TTY!
 
If you don't mind me asking, TTY, do you already have kids? If so, how old are they?

The reason I ask is that a lot of newbies go for properties 'they' want to live in. That may not be the best strategy. I mean, say you eventually own 10 properties. How many can you live in? Does it make sense for all 10 of them to be in school zones that you want, considering you won't live in most of them, or even any of them?
 
re:

Hi alex, my Kids are really young so they won't be going to school anytime soon. The reason i bought this property was really for the area and rentability. It being in the RHSZ is a bonus. My idea is not to invest in properties i want to live in but this IP happened to be well priced and at an area that i was looking for anyway hence i bought it thats all. Hope that answers your question :)
 
Hi TTY
This is my first post also. on the question of extending you will need to go to your local council and ask them. often the site ration of built area to land has been maximised in the original development and so you will probably not be able to extend. however u never know. so take the plans to council and ask. then you will need to discuss with the strata manager/ committee as their may be something in the strata plan which prohibits extensions or changes to the external layout.
I trust this helps and good luck
George Birdsall
 
Top