Greetings to All, As a newbie into property investment, I find it can be exciting and very overwhelming at the same time. Am currently in the market to purchase a home with an existing granny flat, or a home with potential to build granny flat straight away in Western Sydney. Have come across this site purely by chance and am keen to learn as much as I can to make the right decision. Any advice is most welcome
Hi DizzyLizzy. Welcome to our forum. Exciting times ahead! My advice starting out is read, read, read and ask a lot of questions. Any specific reason on Western Sydney as your next purchase?
Recommend doing your own granny flat rather than purchasing someone else's development. Look at blocks that provide maximum privacy for both dwellings. Look at corner blocks and my favourite blocks with rear lanes/streets. Get yourself familiarised with the granny flat CDC rules. Have you done any numbers on how the cashflow looks? Do you have any existing properties?
Thanks George! There are so many threads, its easy to get sidetracked. My reasons for this area is that Western Sydney is where I was born and bred. It's important for me to stay living close to my family.
Hi @DizzyLizzy Welcome to PC good to see another Western Sydney sider. You mention you are looking for an investment..but will you be looking to live in the house too at some point? or are both dwellings going to become investment properties?
Thanks Shahin! I have been researching properties for sale for some time now, and also favour the corner blocks for ease of access. However, I am pretty clueless when it comes to the whole building process and have physical limitations, so a fast process would be preferred. Finding the right financial advice for the long term planning has been a little challenging, found a new accountant who has been really helpful. Other advisors that have contacted so far, appeared to be very focussed on their own objectives rather than my individual needs
Thanks Sana & Mona, The long term goal would be the house as the investment and I would reside in the granny flat. If the purchase is one existing dwelling and building the granny flat, then I would reside in the house initially.
Welcome! You are in the right place Plenty of kniwledge here If you can, get along to the Wentworthvile meet ups Networking is the key. Build a good team of people who have what you want or are doing what you want to do, to chat things over with.
Sounds like a good plan As suggested above, definitely worth buying something which has plenty of room for a granny flat - this way you can build according to your own specifications, especially if you are going to live there.
welcome to the forum @DizzyLizzy there is a meet up coming in the next 2 weeks at Wenty's, come to join the group, and meet with like minded ppl, lots of positivity there.
Building a granny flat is relatively straight forward and doesn't carry a great deal of construction risk so its a good way to start. This would be my tip: 1. Try getting in touch with investors who you can talk to comfortably and don't have any agendas. Plenty of people that are generous with their time and can share their experiences - the good and the bad. 2. Use a reputable builder even if they cost a little extra. The time, worry and headache is not worth saving a couple of bucks. 3. There is no rush to get in the market right now considering who everything is up in the air to take your time, grab a coffee and absorb as much information as you can people pulling the trigger.
Just when I thought I have researched enough, something else changes the dynamic of the decision making process. Would be nice to have a crystal ball to know which way to invest, and also nice to have a fairy godmother, but not realistic. I am now simply waiting patiently, as it is a big decision, not one to risk everything on making the wrong choice. And a big thank you to everyone that posts their knowledge and experiences on here. Can't find this stuff about stuff in books!
