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How to finance a granny flat

How to finance a granny flat With the peak of the Australian property market in most capital cities passing for now, you may be searching for ways to add more value to your home. Analysis by CoreLogic and Archistar found that more than half a million homeowners across Sydney, Melbourne and Brisbane “have enough land to build another dwelling on their property”, such as a granny flat. Building a granny flat may increase the market value of your home by 30 per cent, according to CoreLogic/Archistar modelling. You may also be able to rent out your granny flat or put it up on AirBnb and other short-term accommodation sites to take in some additional revenue from tenants. The analysis also found that building a one-bedroom granny flat costs around $120,000, and an extra bedroom costs around $80,000 or more. Forking out this kind of cash is a hard ask for may Australians, so here are two common ways you can finance your new build: …

What does it cost to build a granny flat?

If you’re looking to house a loved one, accommodate guests or even generate some extra money, a granny flat can be one option to consider. We look at how much it is likely to cost and outline some key issues to consider.

Are you thinking about adding a granny flat to your home? While in some cases a granny flat can be a suitable option for an elderly parent – hence the name – there are lots of other potential uses for them too. Maybe your kids are all grown up but not quite ready to move out yet or are staying at home to save for a home deposit. Or perhaps you have regular guests and would like to create more space to make them – and you – more comfortable when they come to stay. You may just want a home office away from the main house that can easily be turned into accommodation if needed. Or you might even be thinking of adding a granny flat to rent out and earn yourself…

What you need to know before building a granny flat

What you need to know before building a granny flat More than half a million homeowners across the eastern seaboard could build a granny flat if they wanted to, a recent CoreLogic report revealed. And there are plenty of reasons to consider it. Your adult children could use it as a pit-stop on the road to independence, enabling them to save a deposit. Your elderly parents could use it as place to age gracefully, without infringing on your privacy. Or you could use it to earn a little extra income, by bringing in some tenants. But before you call in the diggers, here are a few points worth considering. Why do you want to build one? The first step on your granny flat journey is to consider your reasons for building one. The recent CoreLogic report found that building a granny flat could boost your property value and rental income by 30 and 27 per cent respectively. But even so, Wakelin Property Advisory director Jarrod McCabe says choosing to build isn’t a decis…

Granny Flat Could Boost Property Values by 30 Percent

CoreLogic

More than half a million home owners across Australia’s eastern seaboard have enough space on their property to build a granny flat, which could boost home values by 30 per cent and add around 27% to rental income. Combined analysis by CoreLogic and Archistar identified 583,440 properties in Sydney, Melbourne and Brisbane that meet the criteria for an additional self-contained unit of at least 60 square meters. Constructing a two-bedroom granny flat would require an initial investment of around $200,000, while the outlay for a one-bedroom dwelling would be approximately $120,000. CoreLogic Head of Research, Tim Lawless said: “Building a granny flat is becoming an increasingly compelling proposition for homeowners in a relatively lacklustre market. Not only can it help to manufacture new capital gains, but it has th…

What you need to know before building a granny flat

Granny flats, or secondary dwellings, can allow home owners to keep parents or adult children close by while giving them their own space. They can also be a great way to generate rental income.

But before you book in your builder, there are a few questions you’ll need to ask and some research to undertake to make your project a successful one. Can I build a granny flat in my backyard? Don’t assume that because your neighbour has one, you can have one too. Each state and territory has different laws governing secondary dwellings, with rules on block size and dwelling size and the distance you’ll need to leave between boundaries, trees and your existing house. Allan Stroud, owner of Lifestyle Granny Flats, says in Queensland the rules differ from shire to shire. “Each shire has its own particular requirements and limits as to how big you can build, and these can change,” he says. “For ex…