Great Position plus Renovation equals Maximum Income

Taking a basic rental property that was already returning 6% and giving it an uplift. We changed this upstairs downstairs rental and turned it into 4 legal self contained rooms now returning a whopping 12%

During Covid when the tenants moved on there was the choice to keep doing what was always done or to upscale this property to wonderful / comfortable abodes that give tenants safety and security at an affordable price and a decent return on investment to the owner

What are the key points?

Knowing what to do and the rules around this system. This is known as 1b housing (sometimes called a Mini Boarding House) in the Brisbane City Council area – each area is different

Keeping a tight rein on the renovation budget – always top of any renovators list

Planning – really spend some time here – it will make living in the property better and in turn give you longer term tenants. Give each room privacy and outdoor private spaces if possible. Spend a little extra on soundproofing it will be worth it.

Make sure everything is to code – everything you do needs to be done right – no shonky business you are responsible for the safety of your tenants. Fire safety is top priority

If you are interested in creating or building a Income Property we would be happy to talk to you about the pro’s and con’s to see if this strategy is for you. We do provide a find/renovate service if that’s something you might be interested in.