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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 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…