Granny flats can be used as an additional space for your beautiful home. They can also be used as an investment vehicle to generate rental income for you and your family. You could use the granny flat to house family members, visiting friends or you can rent it out to tenants.
If you are still undecided about getting a granny flat, here are thoughts for you to consider at both ends of the stick.
1.Independence for family members
Whether it’s housing your parents, a young adult or your grandparents, a granny flat lets you keep your loved ones close together. They will have their own sense of space and you can enjoy having your own area too.
2. Increase the value of your property
A granny flat can add significantly to the value of your property. It is often seen as a great way to increase the resale value of your property to a future investor who will look to rent both spaces out to separate tenants.
The popularity of dual income investment properties is forever increasing amongst that market. The old expression when selling your homes rings true here which is: “know your buyer.”
Additional Source of Income
1. Before adding a granny flat to your property, find out first whether it will be a workable investment. The team at Titan can also help with understanding the full cost and also navigating council regulations. You can then search on domain.com.au or realestate.com.au to find out what other granny flats and single bedroom units are renting for in your area.
2. Contact the Titan Team here to get a quote on a granny flat.
Most councils across Australia in a normal residential suburban area do allow for granny flats, especially if they are not permanent structures that can be relocated.
If you know of other houses in your street or neighbouring streets who have recently had a granny flat built or installed, that may be a good indication they are allowed in your area. However, always check first with your local council. The team at Titan can help with that also. Just fill out your details here and we’ll contact you.
The size of your land will also play a factor in this and it can change from one council to the next. Therefore there is no rule of thumb we can provide you with here. Please do contact us and we can help you personally from there.
Before you purchase or build your own granny flat, make sure it will be fully compliant with the relevant laws. Check with your local council to find out what regulations apply in your area.
How much does it cost to add a granny flat?
To get the most up to date prices and installation costs please contact us. Feel free to call us during business hours on 13 27 36.
There may be times when prices are adjusted and we sometimes have ex-display homes available at a big discount so it will be safer to contact us to get a complete quote based on what you’re looking for.
A granny flat can be a great investment if you’ve got enough space and the right property. Be sure you are talking to a manufacturer who is building and providing you with a dwelling (house) that will allow family members or tenants to legally live in it. New sheds or converted sheds for example will probably not comply with state laws.