Investment Property (Rental)
Thanks to changes to regulations governing renting, granny flats are gaining popularity with investors looking generate additional rental income by optimising the unused land on the block of a pre-existing rental property or at their current residence.
Why build a granny flat?
When you build a granny flat, you’re unlocking an investment potential which is quite literally on your doorstep! Once your granny flat is complete, you’ll be able to take advantage of a rental return, without having gone through the extensive process of a formal subdivision.
The extra source of income is the most obvious benefit of building granny flats, however the extra living space could make it a more functional and appealing asset to future prospective buyers.
Can I build a granny flat on my property?
If you’d like to build your own granny flat, consider:
- Ownership of your residential zone property: The owner of the granny flat must also be the owner of the primary dwelling. Therefore, to build a granny flat for investment consider building on either a pre-existing rental property or your permanent place of residence.
- Design: Your granny flat can be free-standing or attached to a primary dwelling, but it must be self-contained with a separate entrance. When considering the design of your granny flat, do your homework. Speak to a local real estate agent regarding the type of tenant your granny flat will attract. A great granny flat design should appeal to a range of tenants while complementing the existing home.
- Budget: A granny flat should add value to your property while also providing a rental yield. Do your sums, and find a design that will suit your budget and give you the best return on your investment.
- Council Requirements for granny flats: Each council has their own requirements, which will influence what you can build on your block. At Summit Granny Flats, our experienced team will manage all council approvals on your behalf!
Want to find out more about building a granny flat in your backyard?
The Design Consultants at Summit Granny Flats are experts in granny flats, so you can talk about designs, your budget and wish list for your granny flat. Discover how simple and enjoyable building a granny flat with Summit Granny Flats can be – book your no obligation site visit today!
Disclaimer: This information is general information only and it does not constitute advice or recommendation. It does not take into account your financial situation, investment objectives or personal circumstances. Before making a decision about building a granny flat on your property for investment, you should seek independent financial, legal and taxation advice.