123ArticleOnline Logo
Welcome to 123ArticleOnline.com!

ALL >> Business >> View Article

Understand The Pros And Cons Of Granny Flats Before You Decide

By Author: James Raad
Total Articles: 14

The interest rates have dropped to abysmally low levels, and most Australians are finding granny flats in Sydney as a sensible measure to augment their income. When you consider all the attributes of this apparently juicy deal, you can look at an annual return exceeding 10% when all gets right. So what are the primary drivers that will take you closer to the objective of getting better returns?

Location is Important

The location of your granny flat is important, particularly when you expect financial returns from the investment. Understand the demand for housing in your area and speak to your friends/neighbours to gain an informal understanding of the trends. Speak to real estate agencies and rental agents in your neighbourhood to confirm your findings. You must be able to find good tenants willing to pay the expected rent for a reasonably good tenure. What type of business or other activities is creating the demand push in your neighbourhood? Are there some new industries coming up soon, or perhaps a University? You can speak to granny flat builders in Sydney, and they will have the latest news ready for you. After all, it helps their business in a big way.

Have a Clear Understanding of What Constitutes a Granny Flat

If your property is not in a residential zone, your local council will not grant permission to build a granny flat. In fact, checking with your local council is the first step before venturing into granny flats. It should also be distinct from the principal dwelling with independent access and self-contained in other aspects. Only one granny flat can be built on one residential property, and the living space cannot exceed 60 square meters. Some local council allows additional allowances for carports, verandas, patios, etc. Similarly, if your primary dwelling unit is unoccupied, you may not qualify for a granny flat.

Get Help to Understand How the Numbers Pan out For You

Individual circumstances can differ significantly, and therefore illustrations can be only guiding points. Therefore, ahead of finding granny flats Sydney builders, getting some help to understand how the numbers pan out for you would be a shrewd measure. For instance, the weekly rent expectation in Blacktown is $350 against a mortgage payment liability of $200. So that leaves you with an annual return of $7,800. The flip side is, a tenant must occupy your granny home for all 52 weeks of the year.

The author is an experienced residential builder in the heart of Sydney. He has worked on prestige mansions, office buildings, and granny flats Sydney. Know more here.

Total Views: 28Word Count: 429See All articles From Author

Business Articles

1. Tiles Style Guide For Your Home Interior Décor!
Author: Ruchir Jethva

2. What Are Gst’s Seven Deadly Defects?
Author: Mohit Yadev

3. The Asean (association Of Southeast Asian Nations) Automotive Composites Market Is Expected To Grow
Author: Lucintel LLC

4. The Expanding Scope And Sphere Of Artificial Intelligence
Author: Avaali Solutions

5. Best Performance Based Software Development Company
Author: itechtions.web

6. Tips To Choose A Interior Designers For Home
Author: Anny winslet

7. 5 Tips To Find A Notable Insurance Accident Repair Centre!
Author: Rob Porter

8. How Can You Set Your Mark In The World Of Construction Using Online Business Directories?
Author: John Smith

9. Buy Cheap Assignment Online
Author: doneassignmentuk

10. Vilnius Activities & Tours
Author: vilniusseo

11. An Introduction To Thermal Spray
Author: Ross Barkely

12. How To Find The Best Towbar Accessories Suppliers In Australia
Author: Charles Manfredi

13. How To Gain Good Profit On Comex Signals By Gold Crude Research
Author: Gold Crude Research

14. Uk's Largest Canopies And Walkways Supplier
Author: lockitsafeuk

15. Residential Pest Control - How You Can Prevent Insect Problems
Author: Michael Gray

Login To Account
Login Email:
Forgot Password?
New User?
Sign Up Newsletter
Email Address: