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 in NSW to be approved as a Complying Development in just ten 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 keep that in mind in your planning process.
You can find more info at Does My Property Qualify For Complying Development For A Granny Flat?
Whether you are looking for extra income to pay off your primary mortgage sooner or cash to splash, granny flats can return a rental value on average of $350.00 – $380.00 per week, even more in popular suburbs and via platforms such as Airbnb.
We recently completed one of our standard Granny Flat designs (The Queanbeyan) in Ettalong on the Central Coast for some investors from Sydney. The Granny Flat was rented out with only one ‘open house’ by private appointment with several parties interested. The tenant moved in the next day and is paying $490 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 value of your property when it is time to sell, from the benefit of extra room for a teenager or older family member to investors seeking additional income.
If you are considering a granny flat, our recommendation is to build it well as a lousy job could have the opposite effect on your property value.
We consider the style of your existing property by designing a granny flat that complements its surroundings. Typically one of our standard two-bedroom Granny Flats cost around $130,000. Investing in a good quality P J Cook Granny Flat that is built to last will help improve the capital value of your home or investment property over the long term.
MORE FLEXIBLE LIVING ARRANGEMENTS
Traditionally, granny flats have been used for older family members to live in. They have also become popular with parents wanting to give their adult children an independent living option while saving 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.
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.