is the house in good enough condition for tenants without any immediate improvements? if you plan to renovate or knock down in two years any immediate changes could be a waste of money and suggest that you discuss options with real estate agent for rental potential and accountant for financial advice before making any plans but any ideas for improvements to the house depend on more information including what is the house built out of, a site plan showing location of north, distance to all side boundaries, how many bedrooms, bathrooms, carspaces and living areas do you need/want for your own family and most important your budget for renovations

Agree above. Give a super good clean and rent as is.

Agree above!

Rent first even if short term before any Reno so you can then claim Reno on tax. Prop must be rented before and after capital improvements to be tax effective. Get tax advice.

Hello All,

Thank you, as requested please see the properties layout HERE

As suggested above by everyone, we will be leasing the property for a initial 6 months. Bare minimum changes required only will be made to keep the investment low.

After 6 months, we intend to move in to the property. At this stage there two options we are thinking

Option 1. Renovate the property and move in

Option 2. Tear down and build a new one

Family Size: 4 Members (2 adults and 2 children) and yearly visits by parents or in laws.

For Option 1 our Requirements are:

• 4 Beds are must
• 1 formal Living
• 1 Family living
• 1 Dining
• 1 Rumpus/home theater/Activity Room (willing to compromise for a smaller formal living 3x4 or something similar)
• 2 Bath and 2 toilets

Will be a wishful thinking if we can have a separate Theater room and a Study/Activity Room

Current House is built on wooden stumps, external walls are bricks (except for sun room - which is a later addition after the house was built)

Budget is the most tricky one and we are yet to work out on a number. But am I looking at a spend beyond 100-150k?

Kind Regards

we need the location of north on the plans and distance from the house to all four fences to be able to make specific suggestions

@oklouise

Please refer to this Click here for Image

Apologies, I thought I gave it earlier

my apologies to you, the site plan was already included and with so much space on the north and west my initial suggestion would be to check with council to find out the minimum setbacks as you could have a fresh new look with extensions to the front of the house with a drive through double carspace and new family living areas at the back and i'll try a few idea for you

Get a builder in to look at the sun room. Cost to fully incorporate it into floor plan, removing the old external walls on kitchen etc. what openings you can achieve for your budget will impact layout.