Granny flats are rapidly increasing in popularity as they offer a diverse and affordable housing solution with two main benefits:

1. Additional income

Whether you are building onto your residential property, or on your investment property, a granny flat is a great source of additional income.

What you will need to consider though is whether the rental return is worth the cost of building a granny flat, but that will bring us to the second benefit…..

2. Increase in property value

The chances are, a granny flat will add value to the property. Speak to us and we can give you some idea of how much a granny flat will enhance your property’s value!

Other benefits

A granny flat also offers some great advantages over other forms of property development:

• No need to subdivide

The NSW government defines a granny flat as a self-contained extension of a home that is within, attached or separate from the home but on the same lot of land, and not in a strata plan or community title scheme.

Although the building will need to comply with certain standards, a council or accredited certifier can certify granny flats as complying development without the need for a development application.

• Great designs

Granny flats these days aren’t restricted to one tiny room….. Now they can be custom-designed, and we’re seeing anything from simple stylish studios to two-bedroomed self-contained homes complete with kitchen, bathroom and laundry. Some even have standalone hot water systems and rainwater tanks.

• Keeping your work separate

Perhaps you are starting to work more from home or you’re starting a new business. While an extension can give you the physical space, your work will be a part of your home. A granny flat however will give you a workspace separate from your home – and you’ll be able to lock it up at the end of the day and relax in your home.

Plus you may find there are some business expenses you can claim against your tax. Speak to your accountant for more advice.

• For family and friends

It isn’t just granny’s who live in granny flats…..  a granny flat is a great way to give-children who aren’t quite old enough to leave the nest an ‘independent’ place to live while you keep an eye on them in the background, or perhaps your mature children a cheaper place to live while they save for their own house.

Plus, granny flats are a great option for giving guests a bit more privacy and space, particularly if they will be staying for an extended period of time.

Want some more ideas of how your existing property can make you money? Or maybe you’re interested in investing in property. Either/or, we’re here to help!

With over 40 years in real estate and property management, our talented team is constantly looking for new and innovative ways to ensure your property investment experience is exceptional.

This is why we are one of Newcastle’s longest established property management companies, so give us a call on 02 4956 9777, send us an email to mail@apnewcastle.com.au or call into our Cardiff office for a chat.

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