Getting tenants in Whilst developing

[ulvit]

Getting tenants in asap.


Hi team,
I was wondering if anyone could provide further insight into my query.

I have received the go-ahead from council for subdivision based on plans to build at the back of a corner investment property.
For the existing dwelling that is currently rented, town planning requires the partial demolition and the building of a garage(adjacent to the new dwelling).
My aim is to get the tenants out for this and back in as soon as possible. In addition, I want to re-finance the loan to the front dwelling only - having the back yard free of finance

My queries if someone has any opinion or guidance to give:

1. When would it be best to refinance to have the loan on the existing dwelling only? (once the whole project is completed... - as the existing dwelling requires the garage to be built as part of the project)
2. When can I have renters legally back in the existing - after renovations to existing, or after completion to the whole project - (Maybe the question can be re-phrased to: can you get a cert of occupancy once the existing dwelling amendments have been completed)

 

[HD_ACE]

You will only be able to refinance once it is subdivided and you have two titles. I suspect you cant subdivide until the house has been modified to suit council.

You could get tenants back in at anytime. Probably after the demo has been completed and just add the garage in later.

 

[HD_ACE]

And just make sure the rear section Is seperated or clearly defined in the lease agreement so that there are no problems.