Among others, I've got my eye on a 2 bed apartment in the inner west (Sydney) with a giant Lock Up Garage (over 30sqm). There's on street parking too.
If successful at auction, the garage alone will comprise $100-$140k of the purchase price. It might bring $10-$20/week extra rent -- not worth it.
It'll kill my serviceability for the NEXT purchase and therein lies my issue.
So, I'm wondering if anyone has innovative (or obvious/straightforward) ideas to make the most of this one and ensure my serviceability doesn't take a major hit. This place would be a great buy for CG, but there's an opportunity cost to consider.
Brain dump:
- Rent 2 bed WITHOUT garage and rent garage separately as storage. This will provide a pretty poor return, but more than it'd add to rent. This could be an interim solution. Might get $150-$170/month.
- Request garage be moved onto separate title. Hold it for a while and, if necessary, sell garage on its own prior to next purchase. Perhaps a future or current resident will want one. Or someone who works/lives nearby.
- Turn it into something that can be rented out on a different basis. Not sure about what's possible, legal or feasible, but it would make a useful--albeit windowless--office etc
Hit me.
If successful at auction, the garage alone will comprise $100-$140k of the purchase price. It might bring $10-$20/week extra rent -- not worth it.
It'll kill my serviceability for the NEXT purchase and therein lies my issue.
So, I'm wondering if anyone has innovative (or obvious/straightforward) ideas to make the most of this one and ensure my serviceability doesn't take a major hit. This place would be a great buy for CG, but there's an opportunity cost to consider.
Brain dump:
- Rent 2 bed WITHOUT garage and rent garage separately as storage. This will provide a pretty poor return, but more than it'd add to rent. This could be an interim solution. Might get $150-$170/month.
- Request garage be moved onto separate title. Hold it for a while and, if necessary, sell garage on its own prior to next purchase. Perhaps a future or current resident will want one. Or someone who works/lives nearby.
- Turn it into something that can be rented out on a different basis. Not sure about what's possible, legal or feasible, but it would make a useful--albeit windowless--office etc
Hit me.
