What can I do to ensure I obtained the highest rent achievable?

Hi PC Members,

This is my first thread, so go easy on me.

My partner and I have recently purchased our 1st IP in Campbelltown (settling tomorrow) and we are budgeting ourselves around 2-3 months for an interior remodel increasing our rent potential as much as possible, before heading back onto the market.

Achievable rent in the area is earmarked around the $400-440 pw for a 3 bed 1 bath single storey dwelling. (Conservative calculation using $380 pw over 48 weeks @ 7% Real Estate Fees)

We have a current detached large 4 car garage side by side (one of the selling points) to the main dwelling that we aim to knockdown (- $20 pw) and rebuild with a 2 bed GF (+$300 pw) Hoping that we have enough room to place 2 garage/storage facilties in front of the GF (+$20pw) to replace the lost rent from the missing garage.

Additionally, we aim to:
- Full bathroom renovation (required due to excessive water damage)
- Full interior ceiling & wall paint
- New door handles on all doors
- Re-polish hardwood floors

Is there any other obvious, or not so obvious tasks we should tackle that have great impact?

 

Hi TroySeven,
What is your land size?

 

Strippers.

 

627m2

 

You're unlikely to get approval to place a garage or carport in front of the granny/existing house.

 

Is there a particular reason/clause for this?

 

Check with Council of course but pretty sure this is the argument they'll put up - bc its not aesthetically desirable, inconsistent with current building norms etc etc.

 

Yeah, you can't just do whatever you want, has to be approved by council, so talk to town planner about your property and what you would like to do.

In regard to rent, all I will say is be aware of the market, this is the best way to ensure your getting the right rent, I do not pay much attention to agents, especially the selling agent, they are usually way off.

 

My experience:
Selling agents over estimate,
Property managers under estimate.
It provides a good balance

 

my understanding is that GF is max 60sqm, to add a garage, you may need a DA, not a CDC for most GFs. Also, there's a certain ratio for main residence to grannyflat on the size of your block. In other words, Council must approve what you plan to do and a plan submitted. A GF builder may be able to advise you.

 

Ok thank you, I've been advised by 2 large Granny Flat companies in Sydney that it is achievable given my set backs and land size. Guess it's time to call the Town Planner.

 

Have the builders assessed your property?

 

Congrats on the first property. I'd be talking to council about their restrictions.

 

I get the keys in about 3 hours, so hoping to book them in for a site visit this weekend.
The builders from the GF have assessed it via Desktop.

 

It's better that they assess the site and note any constraints. I presume they have s149 with sewer diagram etc.

 

Congrats on your IP!
Please ensure you start the process with the Town Planner. Keep us posted. All the best