Live in granny flat and rent main house out

[outbackjack]

Hi all,

I have just brought a property which is 890 sqm. Most of the current house, shed, pool etc is towards the front of the house. House has driveways both sides of the house.

I have been thinking about dividing the block a little and putting in a transportable. I would then live in the transportable. Renting the house out.

What are peoples thoughts?? Could I still claim it as a investment property??

Cheers?

 

[XBenX]

Each to their own!

You certainly would be living for delayed gratification.

If your goal is to create X income/net worth/etc asap then living as frugally as possible and diverting the max $$$ towards your investments is the best strategy.

 

[Macca]

This would need to be approved by the local council.

Make an anonymous phone call and ask them what the rules are.

Why not have a nice 2 bed relocatable air cond home for yourself and have someone else pay the bills

 

[depreciator]

And offer to look after the pool if the tenant lets you use it. Otherwise you'd go mad in Brisbane living within spitting distance of a pool you own but can't use.
Scott

 

[Pushka]

If you did this, wouldnt you lose the CGT relief for selling your home, if you later sold it, as it was a combined investment and PPR. That could cost you lots of money!

 

[outbackjack]

I am not sure of all the ins and outs. This why I was putting the idea out there.

I would just just put a transportable, again not sure of the legalitys and also if it would cost me

Yard has enough space for transportable, I would fence second driveway and close of the yard.

I live in a 1 bedroom flat now, so 2 bedroom transportable would be a step up in some ways.

Also I could rent out flat and rent house, then I have two incomes, just not sure of legalities