It pays to have two dwellings on one prop­erty

Better Homes and Gardens (Australia) - - November Contents -

1 Find out whether your area is zoned for dual oc­cu­pancy, then ask coun­cil about de­vel­op­ment ap­pli­ca­tions, de­sign and build­ing guide­lines, reg­u­la­tions for sub­di­vi­sion, and build­ing ap­proval. 2 Talk to your mort­gage bro­ker and/or bank and ac­coun­tant, to un­der­stand the fi­nanc­ing, set a bud­get, and fac­tor in tax im­pli­ca­tions or ben­e­fits. 3 Look into the var­i­ous build­ing op­tions. You can go for a kit or mod­u­lar home, be­come an owner­builder or have a con­struc­tion com­pany do the lot. 4 When shar­ing as­sets with fam­ily, get le­gal ad­vice and writ­ten fi­nan­cial agree­ments. Ac­count for ev­ery­one, in­clud­ing those peo­ple not in­volved in the new in­vest­ment, and up­date wills. 5 Find out if the rental mar­ket is there. Check real es­tate ads, talk to lo­cal agents and com­pare cur­rent rents in your area. Are any new hous­ing de­vel­op­ments planned that could af­fect de­mand?

Newspapers in English

Newspapers from Australia

© PressReader. All rights reserved.