For first IP purchase, to have renting asap or wait for development?

Hi Guys, it seems we are well on our way to our First IP in the lower Hunter.
House is a corner block as a 3-1-2 with a spacious 2.5 car garage.
House requires a paint and yard clean up and some other work(nothing major). We have the option of dual occupancy by way of a GF. The garage structure lends itself to convert to a GF and could done to a pretty good standard.

Do we just get the house ready now and rent the whole lot first and wait a few months before the GF work or take a couple of months and do the GF conversion as well as the changes to the yard for the main house (new parking hardstand areas + divide yard etc).
Your thoughts?
Cheers
Peter

 

You will almost certainly need planning permission.

Plans, permission, quotes, organising tradesmen etc can take some time. Maybe get the house ready and rent for 6-12 months while you get everything ready for the GF work.
Marg

 

Rent the house out now but fence off the garage and yard that will become the granny flat. That way you can retain the house tenants through and beyond the whole process.

 

Hi Alan,
have sent you a PM, hope to hear back from you soon.