Afternoon all. Long time since ive been on here. Since the last time iv finished my subdivision/build. Extended the family and moved a new rural property. very happy to see my development over and done as everything that could go wrong did and to top it all of council cut their contribution amounts by 80% straight after plus a rezoning at that time also made the $20,000 extension they forced me to do nul and void. All up $40,000+ wasted due to council. anyway to the point every cloud has a silver lining.
The rezoning above has worked in favour of another one of my properties.
I have a 2 bedder on a 580sqm block in a central location in Nowra on a major in/out road to the CBD. The rezoning just through this year allows a few things like higher density housing( unit or two in the back) or more interstingly shop top development. This has always interested me as the thought of a bread and butter income from residential topped with some comercial/retail downstairs sound like a good mix.
has anyone developed an existing house in this way ?
Major cost would be to add a second story flat on top but changing the lower story to commercial/retail would be almost zero cost.
basically with very rough figures a $150,000 investment may yield an additional income in the vicinity of $500 per week if done right.
Any thoughts on this approach ?
cheers
Steve
The rezoning above has worked in favour of another one of my properties.
I have a 2 bedder on a 580sqm block in a central location in Nowra on a major in/out road to the CBD. The rezoning just through this year allows a few things like higher density housing( unit or two in the back) or more interstingly shop top development. This has always interested me as the thought of a bread and butter income from residential topped with some comercial/retail downstairs sound like a good mix.
has anyone developed an existing house in this way ?
Major cost would be to add a second story flat on top but changing the lower story to commercial/retail would be almost zero cost.
basically with very rough figures a $150,000 investment may yield an additional income in the vicinity of $500 per week if done right.
Any thoughts on this approach ?
cheers
Steve