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Understand The Pros And Cons Of Granny Flats Before You Decide
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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.
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