Making the most of owning a home in Queenstown...
Making the most of owning a home in Queenstown:
After living in Queenstown for 7 years my wife and I have finally decided to look at opportunities to earn a residual income from our family home.
Converting the gym:
Our gym is a 54m2 converted garage, separated from the house with separate walk way. We live at Bobs Cove.
This appears to be ideal to convert to a studio or 1 bed apartment. Wit it already having build and resource consent )albeit they will require readdressing) along with infrastructure already there like water, drainage, power, framework of a building, slab etc...surely not a considerable cost to convert versus potential income and increase in our property value?
Air B&B has gone cray in Queenstown and you can't see it letting up with the tourist statistics along with future projections and a huge shortage of beds in town.
We will run it as a business and rent short term with an income of $700-$1000 per week (hopefully!) This along with a fully furnished 1 bed apartment built on our land will increase the value of our home.
Sharing our Experience:
With my line of work I come across a lot of clients looking for residual income when purchasing a property, as that is a huge plus in Queenstown.
I also come across a lot of situations where the appropriate resource/build consent is not in place or code of compliance not issued when a client is looking to purchase that type of property, creating all sorts of issues at a critical time.
I have therefore decided to share our experience from start to finish as we will be following the process by the book and you will see how that looks, frustrations and all along with costings throughout.
I am doing this as feel its very relevant with a lot of people probably avoiding the required process due to perceived costs, actual costs, red tape and the general potential painful process of it all versus slipping a couple of beds in the gym and just cracking on!
For me, my home is my prized asset so want to ensure everything I do increases value and without ding it right, the true value cannot be realized or leveraged in the future.
Sharing Experts Knowledge:
Throughout this journey I will be assisted by experts in the relevant fields to guide me and they will be posting on our facebook page their respective insights throughout the project.
The experts will be from the following fields; Draftsman, Designer, Builder, Registered Valuer, Rental Agency, Solicitor and Tax Specialist.
Updates and Time Line:
I will be updating progress every week and expect to have the apartment completed by August 2016.
Please Share your thoughts and Experience:
Feel free to share any advice of your own experiences if you are or have worked on a similar project as sure we can help each other.
We will be looking at the ability to carry our our proposal in relation to our residential zoning along with requirements and costings to convert a gym to a habitable residence.