Hi everyone,
Thanks for your help on my previous post.
The DA for the belmore house is ceased. Reason is that the land won't qualify for the bonus of fsr incentive. Which I will only be able to build 170sqm of gfa. Not wise to go ahead.
I now gathered $650000 cash for this boarding house project, hope to make it successful. I have two option now:
1. A existing boarding house very close to town center and train station but asking price is over 1.4m. 10rooms with only 3 toilets and 2 of them have bath. Returning $100000 a year approx on rent last year. 496 sqm land zoned R4, I suspec there might be possibility to extend it to double storey. If so, I will have 16-18rooms.
a... This needs to be a commercial loan, and would require at least 30% deposit, which means I would only have around 150000 left for me to do the extension.
b... Whether it can be extended, remain uncertain. I will have this discussed with my planner soon.
c... There are 2 granny flat at back of the house that is not approved by council, owner did it without informing the council, once i apply for extension, they will find out, will they force me to demolish it?
2. Second option is to buy a land that is 800sqm plus in size and zoned R3 or R4
But such land will cost around $1.2-1.3m to buy, good thing is it can be residential loan, and I can borrow up to 0.8 of it. Which will leave me around $350000 to rebuild or extend the original house on it.
a, the problem is, council approval is not gurranteed, funny thing is I rang up council, they said, you can apply but council do not favor such application, even there is state government policy supporting it.
b, if I am to rebuild, I intend to hire someone who is a licensed builder and locate sources on my own like plumber, electrition plaster and etc, to do individual works, so I will save on the construction process. Would this be practical?
Any comments are welcome and thank you in advance!
Thanks for your help on my previous post.
The DA for the belmore house is ceased. Reason is that the land won't qualify for the bonus of fsr incentive. Which I will only be able to build 170sqm of gfa. Not wise to go ahead.
I now gathered $650000 cash for this boarding house project, hope to make it successful. I have two option now:
1. A existing boarding house very close to town center and train station but asking price is over 1.4m. 10rooms with only 3 toilets and 2 of them have bath. Returning $100000 a year approx on rent last year. 496 sqm land zoned R4, I suspec there might be possibility to extend it to double storey. If so, I will have 16-18rooms.
a... This needs to be a commercial loan, and would require at least 30% deposit, which means I would only have around 150000 left for me to do the extension.
b... Whether it can be extended, remain uncertain. I will have this discussed with my planner soon.
c... There are 2 granny flat at back of the house that is not approved by council, owner did it without informing the council, once i apply for extension, they will find out, will they force me to demolish it?
2. Second option is to buy a land that is 800sqm plus in size and zoned R3 or R4
But such land will cost around $1.2-1.3m to buy, good thing is it can be residential loan, and I can borrow up to 0.8 of it. Which will leave me around $350000 to rebuild or extend the original house on it.
a, the problem is, council approval is not gurranteed, funny thing is I rang up council, they said, you can apply but council do not favor such application, even there is state government policy supporting it.
b, if I am to rebuild, I intend to hire someone who is a licensed builder and locate sources on my own like plumber, electrition plaster and etc, to do individual works, so I will save on the construction process. Would this be practical?
Any comments are welcome and thank you in advance!