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MyState Bank - David's Story

May 23, 2016
MyState Bank - David's Story

Financial planners are known to be savvy with money, so it’s always interesting to see what they do with their own home renovation project.

Back in 2000, David, bought a heritage listed Georgian cottage on a large corner block in North Hobart. The cottage’s earliest transfer of title dates back to the 1850’s. There had been two or three extensions over the life of the property extending the original four room layout. Plus there’s was a creek running through the backyard – only in Tassie!

North Hobart is a great neighborhood just a ten minute walk from the CBD, and with lots of cafes, a couple of micro breweries and some highly recommended restaurants, it’s not surprising that also attracts lots of tourists.

In 2013, David found himself an empty nester and started to think about how he could best use his property asset. He considered selling and down sizing, but also had an idea to create an ongoing income stream for himself.

Having already subdivided the block back in 2005 (that creek made a very natural boundary along which to divide the property!), David looked at the spaces and structure, the two street frontages and came up with the idea to create separate homes from his current one, and with two separate entrances.

MyState David Crop2

The idea also give David the opportunity to capitalise on North Hobart’s popularity with visitors and create a short term stay accommodation unit, with the potential of a second income stream for David. Did I mention he’s a financial planner?

But as with every renovation project, there are many steps between great idea and actually making it a reality. David spent time really working through what he wanted to achieve, and the best way to do it.

When he had a clear plan, and initial drawings he then started consulting with the local city council. This is one of David’s key tips – be really clear on what you want to achieve. By working with council to address their concerns, David was able to win approval.

MyState David Crop

The actual build was relatively painless – probably because David was careful in finding the right tradesmen for the job. The end result is a gorgeous Georgian short stay cottage in the heart of North Hobart, plus a second residence for David perfect for this empty nest phase of his life.

North Hobart looks like a great suburb to explore - here are David's tips for eating out and things to do in North Hobart:

Check out Providence Café or Room For a Pony, both are great cafés. When it comes to restaurants there's great Chinese at Mulan; Japanese at Miyabi; and Mexican at Pancho Villa. Or if you feel like seafood try Fish 349. If you feel like a drink, try the Winston - it has a great atmosphere and has recently started a micro brewery or Willing Brothers a neighbourhood wine bar.

David is a Financial Planner at MyState’s Hobart office. He loves living in North Hobart and can often be found at his favourite café, Room for a Pony on a Saturday morning. Thanks David for sharing your MyState Story.

These articles were brought to you by MyState. MyState is Tasmanian based bank with a national home loans business through brokers across Australia.

Image Credit: Oliver Berlin, Photographer, Hobart