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  1. #21
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    Couldn't you or your sister get a job and the other one look after both of your kids?

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    JR03 in theory this is a good idea, however we happen to live in two different states! My sister was working casually up until very recently and bringing in quite good money - but as I've mentioned both of our personal circumstances (which I won't go into as it's a separate post all on it's own) have meant that at this point in time we both cannot work. We are going to look into personal loans - I also have a few close friends that have recently come in to a lot of money. I know friends and money usually don't mix, but my friends all know I am superwoman at managing money and paying back debt (and highly reliable), so that could possibly be an option too...

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    Would you really ask a friend to lend you $25000? Just interested...

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    Quote Originally Posted by littleriv View Post
    Would you really ask a friend to lend you $25000? Just interested...
    I personally would and I'm about too. They'll get a great interest rate 😊

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    We probably would not ask a friend for more than $10K... But with a few different sources we would then have enough - And oh yes, of course we'd put interest on top! And put it all through a solicitor as well. But these are quite close friends I am talking about, ones I have also done big favours for in the past.

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    So your sisters ex doesn't know about the property ? If so his lawyer can quite easily do a search on property titles then it'll all come about. Plus if its discovered that your sister lies to protect assests that's a whole different kettle of fish for the courts.

    With regard to your ex I would suggest getting him of the title which means a legally bounding buy out with a valuation that will stand up in court and processed by the courts. That way he cannot ask for anything else when and if your able to renovate the house. If he doesn't want to buy out with the house unrenovated there is nothing stopping him from getting a buyout when it has been renovated and more valuable there for more money for him.

    Borrowing $$ from friends is a bad idea as there is always going to be a catch 22 situation. What if they need the money urgently back how are you going to get it paid back to them quickly.

    With regards to the reno's that you want to do are you just closing off that section of the house and it is fully self contained ie will they have their own phone lines, Internet lines, electricity meter, gas lines plus a meter, seperate water meter or are you going to incorporate all those bills into the rent. There own no on the house also ie, your no 5 they are 5a.

    There was a case in Canberra very recently that did you what you want to do. The tenants took the landlord to court and they won because they couldn't get their mail delivered by the postie nor could they have an Internet line because the owners of property split the house in 2, upstairs/downstairs and the bills had to be split down the middle. Needless to say the landlords/owners of the property lost and had to pay the tenants out. This all happened because Australia post declared that the property upstairs did not in fact exist and it was only 1 single dwelling.

    So if your going to actually do it and find the funds subdividing the property into 2 is the legit way to go about it.

    Sell it and get out now a lot of legalities need to sorted out first with both ex's.

    Or make the property into a business, a Bed and breakfast....

    Any rent you receive also needs to be declared to Centrelink

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    Thanks all, much food for thought 😊

  8. #28
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    not only is it incredibly messy already - and borrowing more to do renovations will make it messier still - renovating to create a granny flat can often cause problems when it is time to sell

    When you are selling - a granny flat can make it significantly harder to sell a property as it limits the market that you are looking at selling to. There is only a fairly small group of people who would be interested in a house with a granny flat ... so it often does little to increase the value of the property.

    My advice - sell up now - pay everyone out who needs to be paid out, and buy something else that you can afford.

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    Quote Originally Posted by BH-KatiesMum View Post
    not only is it incredibly messy already - and borrowing more to do renovations will make it messier still - renovating to create a granny flat can often cause problems when it is time to sell

    When you are selling - a granny flat can make it significantly harder to sell a property as it limits the market that you are looking at selling to. There is only a fairly small group of people who would be interested in a house with a granny flat ... so it often does little to increase the value of the property.

    My advice - sell up now - pay everyone out who needs to be paid out, and buy something else that you can afford.
    Yeah no, sorry - but you don't know the market in the Byron Shire! BS council is actually encouraging home owners to build these as we are in the midst of an affordable housing crisis! In my area are many, many singles who are selling their souls to find self-contained dwellings, which there is a severe lack of. Everyone I know who is buying or building puts in a granny flat. So I am confident this will only increase our property, as it allows for the seller to earn some income through it.


 

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