A spacious backyard has so much more potential than just an area to weed and maintain!
You can increase your living space, add value to your property and enjoy rental income. All these benefits can all be achieved through the addition of a granny flat.
Is a Granny Flat right for you?
Consider these benefits, and let us help you make an informed decision.
APPROVAL IS FASTER AND EASIER THAN EVER
You can now build a granny flat on your property without council approval under ‘Complying Development’ (CDC) legislation.
The NSW Affordable Housing State Environmental Planning Policy (SEPP) allows granny flats to be approved as a Complying Development in just 10 days through a private certifier. There are some stipulations, but many residential homeowners will not require council approval to add a granny flat.
Some properties may not meet the requirements under the Complying Development legislation, but can still build a Granny Flat by submitting a Development Application (DA) to your local council. This process will take more time, so please keep that in mind when planning.
You can find more info at Does My Property Qualify For Complying Development For A Granny Flat?
EXTRA INCOME
Whether you are looking for additional income to help pay off your primary mortgage sooner or simply want some extra cash flow, granny flats can provide an attractive rental return, with typical rental values ranging from $500 to $650 per week, depending on location, design and market conditions.
We recently completed one of our predesigned granny flat designs in Woy Woy on the Central Coast, on a property without rear lane access. The granny flat was advertised for rent and attracted several interested parties following just one open house inspection by private appointment. The successful tenant moved in the following day, securing a rental return of $550 per week!
SPREADING YOUR INCOME RISK
Many people rely on one income to fund their lifestyle and financial commitments. Renting out a granny flat provides you with a second source of income. Adding a granny flat to your investment property portfolio also spreads the risk, as it is unlikely all properties will be vacant simultaneously.
INCREASING THE VALUE OF YOUR PROPERTY
Granny flats can increase the appeal and potential value of your property when it comes time to sell, whether through providing additional accommodation for a teenager or older family member, or offering an investment opportunity for buyers seeking additional rental income.
If you are considering building a granny flat, our recommendation is to build it properly and invest in quality workmanship. Poorly constructed or poorly designed additions can have the opposite effect on your property’s appeal and value.
At P J Cook Building, we consider the style and character of your existing property when designing a granny flat that complements its surroundings.
Our predesigned 60m² two-bedroom granny flats currently have building prices starting from $178,000 to $195,000, depending on the selected floor plan.
Investing in a quality P J Cook granny flat, designed and built to last, can help enhance the functionality, appeal and long-term value of your home or investment property.
MORE FLEXIBLE LIVING ARRANGEMENTS
Traditionally, granny flats have been used as housing for older family members. They have also become popular with parents who want to give their adult children an independent living option while they save up for homes of their own. Granny flats give homeowners a great deal of flexibility and are not limited to being a second residence. You could build one as a separate home office for your business.
AFFORDABLE
Typically, granny flats are cheaper to build than buying or building a standalone investment property. A granny flat can be the first step into an investment portfolio without needing to borrow big!
KEEPING FAMILY CLOSE
You might need additional space as your parents age, or you have grandchildren. A P J Cook granny flat is a great place to accommodate extra people in comfort and style while allowing everybody to enjoy space and independence.
