QLD Thoughts on Dual key home at marsden

You need to ask yourself if adding a granny flat will increase the property value by at least $100k in the current market. $100k is already around 30% of the current values of a standalone 3, 1, 1 in Loganlea (although I'm not sure when and how much you paid for yours)

$100k can also buy you around 2 more properties in the Logan area - which do you think will bring you better gains over a 2, 5, 10 year period?

 

Aushomes is great, currently building a dual-key with them. Dealt with Debbie and found her to be responsive and pleasant to deal with. Have also dealt with Melissa & Gary post contract signed, so far I'm happy to have gone with them.

 

Simon, you are going off the assumption that people looking at adding a granny flat will require all the funds up front, this is simply not the case. Yes $100k could be a deposit on 2 more properties, or $20-30k could be a granny flat deposit.

You need to compare apples with apples.

Will the outlay for a granny flat increase the property value by the same amount? Probably not, but it will increase yield!

 

Aushomes have been good. I worked with Josh there on an infill subdivision project. He helped from site and build feasibility analysis through to completion of the project. He's a CPA which helped. My building supervisor, Gary was very efficient and always contactable.

I built 3 dual keys and 1 duplex in Loganlea. Sold 1 dual key and 1 of the strata titled units from the duplex. Have kept the others. Now looking for the next project.

 

Yes we manage a couple 3/2 bedders they rent for $365/$310 there is tonnes being built in Crestmead currently hopping they don't oversupply. Good quality inclusions, not sure what our owners paid but I am assuming they would be positive income. They will be harder to sell in the long term as both on the one title and there lots around. Tenants are crying out for 4 bedders around the Marsden area, if you to built a 4/3 or 4/2 I feel they would rent quicker.

 

Definately the 4 bedder, we constantly have enquiries from large families wanting 4 bedrooms, 2 bathrooms

 

One bedroom will have very little demand in this area, mostly larger families. Try and have 2 bedroom minimum with maybe a 3 or 4 bed on the other side. I have noticed the 3 bedroom side is reasonable in size and the 2 bed feels cramped. Often the living area on the smaller dwelling side is the size of a bedroom or smaller.

 

Does it mean if the height is legal downstairs then you can lease out separately?
I thought logan did not allow separate leases unless property is approved as dual occ.

Would be great to know more on it.

 

It's not just legal height. You also need to consider a fire-proof divider between each space and your fire security.

 

Unless it's constructed and approved as a dual occ generally you cannot rent separately. A single dwelling being legal height underneath only allows the occupants to legally sleep/live in the lower level.

As Angel mentioned, you are required to have a fire-proof divider between each dwelling for it to be a dual occ or similar.

 

@My House QLD Thanks that was helpful.
Lets say if you have a highset house with a granny flat attached to it.If the granny flat is not approved it will be referred as a secondary dwelling I believe and again you cant lease it out separately. I am wondering how do other investors get around this as many of these highsets have unapproved granny flats.Is there any way you can get it legally approved.

 

The unapproved Granny Flat is not a secondary dwelling, it is a garden shed. If it is not approved, then it cannot be rented out. Legally it can not be inhabited. A secondary dwelling is the new name for a granny flat (to the best of my knowledge), it must meet all the standards for a truly habitable dwelling. Any unapproved building works will void your insurance if there is an incident. The Council will take action against you if you break their laws.

If the GF meets regulations already, you can apply to council for them to approve it, for the appropriate fees. However, you must ensure it meets all the standards first, by getting it certified. Same deal with the spaces under the house. Never believe what the RE agent tells you if he says something is legal or approved.

 

Thanks @Angel.
Well noted and clear now