Granny Flats Adding Value To Your Home

Galston, Glenorie and Hills Rural News - - Community Contacts -

Granny flats have seen a surge in pop­u­lar­ity re­cently. But do they add value? Belle Prop­erty Li­censed Real Es­tate Agent Carolyn Wheat­ley says yes – but only if done cor­rectly.

The De­mand

The de­mand for granny flats re­ally de­pends on the lo­ca­tion but work re­ally well in our area due to our gen­er­ally larger land sizes. They tend to be pop­u­lar with fam­i­lies who can af­ford to lose a lit­tle space to gain ei­ther ex­tra el­bow room for the grow­ing fam­ily; or gain a sep­a­rate rental in­come. With prop­erty val­ues be­ing high, it can be dif­fi­cult for buy­ers to get on the prop­erty lad­der. A granny flat means you can split the mort­gage with fam­ily or friends or rent out the ad­di­tional space to sup­port your ex­ist­ing mort­gage. It’s also quite com­mon in more af­flu­ent ar­eas for peo­ple to use a granny flat as ac­com­mo­da­tion for a nanny or ad­di­tional room from ex­tended guest stays.

Things to con­sider

If pos­si­ble, de­sign­ing the area to be to­tally sep­a­rate from the main house not only adds the most value, but keeps it life­style friendly for every­body. For the more savvy de­signer, po­si­tion­ing the granny flat in a lo­ca­tion which can be eas­ily joined to the main res­i­dence for ex­am­ple a breeze­way or cov­ered ve­ran­dah; will cater for a larger range of buy­ers when the time comes to sell the prop­erty.

It’s also im­por­tant to en­sure the granny flat has full coun­cil ap­provals. Ap­provals must be noted in the con­tract for sale and not hav­ing the right ones can put buy­ers off. Also, if the struc­ture is not ap­proved, you won’t be able to have it man­aged as a rental prop­erty from a real es­tate agency un­der cur­rent reg­u­la­tions.

Adding value

In Carolyn’s ex­pe­ri­ence, granny flats do add value. How­ever, if you’re think­ing about build­ing one, there are some sug­ges­tions she would make be­fore go­ing ahead.

“If it’s pos­si­ble to pro­vide a sep­a­rate en­trance then do so, and make sure the area is well lit. Park­ing is al­ways an at­trac­tive fea­ture, as is a sep­a­rate out­door area with pri­vacy from the main dwelling. Fi­nally, have the prop­erty sep­a­rately me­tered. This gives the granny flat added in­de­pen­dence from the main house and makes pay­ing the bills trans­par­ent.

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