Landlord Multiplies Rental Income and Expands Future Possibilities
Utilising rental property to full effect.
Mike and Sonya owned a rental property in Howick. The property comprised a three-bedroom home and one-bedroom minor dwelling, together on 1,000m2. While the property was providing the couple with a regular rental income, Mike and Sonya knew that with a section of this size, in such a popular Auckland location, the property’s true earning potential was likely to be considerably larger.
Mike and Sonya took their time investigating possible build partner options. They researched online and consulted with others on which build companies may be worth approaching. They’d heard the name ‘Ashcroft Homes’ mentioned a few times so when they saw Ashcroft had a stand at the Auckland Home Show, they called in to meet the team.
It was there that Mike and Sonya asked Ashcroft Homes Property Consultant, Josh Healey to consider their property’s development potential. After reviewing the site, Josh suggested the couple consider knocking down the larger home while retaining the smaller dwelling. Under this scenario, Ashcroft could replace the one larger home with three brand new homes and these, together with the existing smaller home, would allow the property to be subdivided into four new titles. And the smaller, existing dwelling could continue to earn rental income throughout the property’s development.
Josh suggested two 3-bedroom Lutons be added to the site (in a duplex configuration) along with a four-bedroom Belford. This would dramatically increase the rental income from the property and with each home being on an individual title would provide plenty of options for the future. Mike and Sonya could retain all four homes or sell one, or more as it suited him. The couple appreciated that this configuration would provide excellent rental yield and the separate titles would provide future flexibility while also reducing the overall project risk.
Mike and Sonya were impressed with Ashcroft’s affordable build costs and efficient construction timelines. The fact that Ashcroft would manage all aspects of the development from consents to construction to subdivision was the deciding factor in their decision to appoint.
Ashcroft Homes completed the project and handed over the keys in June 2020.
Ashcroft made the process so easy, we could carry on with our lives knowing that the building process was continuing. They were open to our ideas and made suggestions that were in line with our vision. Houses completed, tenants in, job well done. We have recommended Ashcroft to others and would happily use them again for any future projects.
Mike and Sonya
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