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Considering adding a granny flat? Start here.
Jun 30, 2020
Is a granny flat right for your property? 4 things to consider
There is a lot to consider when deciding if a granny flat is right for your property. It is important to ensure you are well prepared. Shop around, get your finance in order and take the time to plan well.
Here are our recommendations on the planning process:
- Do your research. The first step is to research the best and most viable options for your property. Consider council regulations, research rental returns in your area and the cost and finance options for the construction of your granny flat.
- Loan or financing options? If you need to borrow money to finance your granny flat investment, you can speak to a mortgage broker or talk to Invest Plus Granny Flats to discover cost effective ways to finance your granny flat project. Consider utilising your superannuation and creating a self managed superannuation option.
- Adding a granny flat to an investment property. While the most common approach is to add a granny flat to your own property, you can also build a granny flat on an investment property. By adding a granny flat to an investment property your property maintenance and management fees could be shared between the two rentals.
- Be consistent. If you want the granny flat to add value to your property, make sure it matches your existing home and doesn’t look like an afterthought. It’s also essential to ensure that the granny flat doesn’t dominate the garden or take up too much outdoor space.
If you’ve got enough space and the right property, a granny flat is a sound investment. Before you dive in, Invest Plus Granny Flat can provide a free online site assessment.
There is a lot to consider when deciding if a granny flat is right for your property. It is important to ensure you are well prepared. Shop around, get your finance in order and take the time to plan well. Here are our recommendations on the planning process: Do your research. The first step is to research the best and most viable options for your property. Consider council regulations, research rental returns in your area and the cost and finance options for the construction of your granny flat. Loan or financing options? If you need to borrow money to finance your granny flat investment, you can speak to a mortgage broker or talk to Invest Plus Granny Flats to discover cost effective ways to finance your granny flat project. Consider utilising your superannuation and creating a self managed superannuation option. Adding a granny flat to an investment property. While the most common approach is to add a granny flat to your own property, you can also build a granny flat on an investment property. By adding a granny flat to an investment property your property maintenance and management fees could be shared between the two rentals. Be consistent. If you want the granny flat to add value to your property, make sure it matches your existing home and doesn’t look like an afterthought. It’s also essential to ensure that the granny flat doesn’t dominate the garden or take up too much outdoor space. If you’ve got enough space and the right property, a granny flat is a sound investment. Before you dive in, Invest Plus Granny Flat can provide a free online site assessment.
Thinking about adding more space for your growing family? If you are working from home, or simply need extra space for a growing family, a granny flat is a flexible and affordable option. Start planning with these 3 top tips: 1. Set your budget and ensure your builder organised and has a stringent process in place for budget tracking. Ensure you read any testimonials or ask for some references of your builder of choice. At Invest Plus Granny Flats, we not only have experienced builders but we can also provide smart financing options to suit your budget needs. We also have a strong network or real estate agents and property managers who can assist in ensuring you gain the maximum return when renting out your granny flat. 2. Ensure your property meets the requirements such as block size, access and boundary requirements. In some cases you may not need council approval, as a project may meet CDC complying development consent. If not then ensure you obtain the appropriate council approvals. Invest Plus can assist with all your certification and development consent approvals. 3. Decide on what your primary use will be, this will determine the internal layout, if it's for personal use, or for an elderly relative, do you need to plan in some future alterations such as wider doors, wheelchair access or other contingencies for retirement living. If it will be a home office thinking about natural light and extra living space might be needed.
Book a consultation with our team to discuss your bespoke granny flat design.
