Hi all.
Well here are some final numbers for my project.
A subdivision of my existing property and build a 4 bed 2 bath double garage property on the back ( corner block )
council $5,200
Water $6,000
sewer $7,600
Sewer encasement $12,000
Junction $1000
Planner + extras $10,000
Total $41,800
demolish old garage $4000
new garage and driveway $22,000
Fencing $1,000
Total $27,000
New house $158,000 all inclusive
Carpet,blinds,grass etc $16,000
Total $174,000
Total for complete job = $242,800 Lets say $250,000
Expected value by comparable sales $ 345,000 to $365,000
rent $340 to $360
yield 7% to 8%
Existing property will hold value due to reno and it yields 8% plus due to granny flat.
Depretiation will make holding costs minimal even at 7.5% rates.positive on current rates.
It will be a long term hold.
Great central cbd location,tight rental market
What ya think. Will make the D to proceed by monday. I think i will go for it.
Cheers
Well here are some final numbers for my project.
A subdivision of my existing property and build a 4 bed 2 bath double garage property on the back ( corner block )
council $5,200
Water $6,000
sewer $7,600
Sewer encasement $12,000
Junction $1000
Planner + extras $10,000
Total $41,800
demolish old garage $4000
new garage and driveway $22,000
Fencing $1,000
Total $27,000
New house $158,000 all inclusive
Carpet,blinds,grass etc $16,000
Total $174,000
Total for complete job = $242,800 Lets say $250,000
Expected value by comparable sales $ 345,000 to $365,000
rent $340 to $360
yield 7% to 8%
Existing property will hold value due to reno and it yields 8% plus due to granny flat.
Depretiation will make holding costs minimal even at 7.5% rates.positive on current rates.
It will be a long term hold.
Great central cbd location,tight rental market
What ya think. Will make the D to proceed by monday. I think i will go for it.
Cheers