Hi All,
My story - Im 25, and am self employed. Live in Belconnen, Canberra.
3 properties
1. Bought a small unit in Cowra for 81k in 2006. Not a spectacular deal by any means, but a very cheap one. My thinking behind this purchase (being my first) was that its better to make a mistake early on a small deal than a big one later on. It is currently rented for $110 a week, costs me probably 5k a year overall with loan repayments/strata fees etc.
2. Bought a house in Wagga Wagga in late 2007 for 145k, doing pretty well and is currently rented out for $240 p/w.
3. Bought a house in the suburbs of belconnen, ACT in late 2008 for 400k. 4 bedrooms on an 850sqm block, it is my PPOR and I live with 2 of my mates, who pay me $150 p/w each.
The situation is now that I have 2 IP's looking after themselves or near enough, im thinking the most profitable move for myself at the moment is to build a granny flat/kit home (whatever you want to call it) out the back of PPOR. Ive got a pretty big backyard, and I basically never go out there. Seems like (almost) free money to build a 2 bedder granny flat out the back and get a couple, or a uni student or two moved in.
Of course, I know its not that easy and theres no such thing as free money. Heres what I have little to no idea about, and all the questions I can think of
Btw, ive googled this plenty, but just keep running into advertising for builders.
1. What do I have to do to get the planning started for building a granny flat?
2. What are the granny flat regulations in the ACT?
3. Can anyone recommend a builder/granny flat company in ACT/NSW?
4. What is the expected cost for applications/building/maintaining?
5. What else do I need to take into consideration that I haven't mentioned?
Any advice, comments, random thoughts are greatly appreciated, I know there are some fantastic brains on this forum and im looking to hear from you all!
Cheers
Rohan
(note - have cross posted this to a few different forums)
My story - Im 25, and am self employed. Live in Belconnen, Canberra.
3 properties
1. Bought a small unit in Cowra for 81k in 2006. Not a spectacular deal by any means, but a very cheap one. My thinking behind this purchase (being my first) was that its better to make a mistake early on a small deal than a big one later on. It is currently rented for $110 a week, costs me probably 5k a year overall with loan repayments/strata fees etc.
2. Bought a house in Wagga Wagga in late 2007 for 145k, doing pretty well and is currently rented out for $240 p/w.
3. Bought a house in the suburbs of belconnen, ACT in late 2008 for 400k. 4 bedrooms on an 850sqm block, it is my PPOR and I live with 2 of my mates, who pay me $150 p/w each.
The situation is now that I have 2 IP's looking after themselves or near enough, im thinking the most profitable move for myself at the moment is to build a granny flat/kit home (whatever you want to call it) out the back of PPOR. Ive got a pretty big backyard, and I basically never go out there. Seems like (almost) free money to build a 2 bedder granny flat out the back and get a couple, or a uni student or two moved in.
Of course, I know its not that easy and theres no such thing as free money. Heres what I have little to no idea about, and all the questions I can think of
Btw, ive googled this plenty, but just keep running into advertising for builders.1. What do I have to do to get the planning started for building a granny flat?
2. What are the granny flat regulations in the ACT?
3. Can anyone recommend a builder/granny flat company in ACT/NSW?
4. What is the expected cost for applications/building/maintaining?
5. What else do I need to take into consideration that I haven't mentioned?
Any advice, comments, random thoughts are greatly appreciated, I know there are some fantastic brains on this forum and im looking to hear from you all!
Cheers
Rohan
(note - have cross posted this to a few different forums)
