Comments on: Build a Granny Flat to Boost Your Property’s Cash Flow

By: Stanley Thomas

Stanley Thomas — Mon, 08 Feb 2021 07:50:35 +0000

Do you need to own a land to build granny flat or can I get it in a package ? “ Australian food products

“

By: SamBoy

SamBoy — Fri, 26 Dec 2014 12:05:54 +0000

Hi brazen
Just saw this post and really opened my eyes up a lot so thanks a lot!
Do you recommend any builders at all? even if they dont do grannys specifically.

By: Jason Staggers

Jason Staggers — Thu, 04 Dec 2014 05:38:34 +0000

* @Waynel

By: Jason Staggers

Jason Staggers — Thu, 04 Dec 2014 05:37:17 +0000

@Clint, maybe you can weigh in on this as well, but @Wayne, I can say that I’ve seen plenty of two bedroom granny flats around. In fact, I have a mate whose building one now. If you’re close to a uni in a granny flat friendly state, your idea could be a great way to boost your property’s cash flow.

By: Waynel

Waynel — Fri, 28 Nov 2014 12:00:24 +0000

Hi Clint – when you say a ‘dual dwelling Granny Flat’ – are you talking about one granny flat with two occupants? I’m considering a granny flat in a place that is great for student accommodation, hence was thinking about a two bedroom granny flat rented out to two students…thoughts?

By: Jason Staggers

Jason Staggers — Thu, 20 Nov 2014 22:57:21 +0000

Thanks for your comment @Clint. Just a quick question… How have you gone with council in the past with a separate cross-over on corner block granny flats? I’ve found that my local council is not very keen.

By: Brazen

Brazen — Mon, 17 Nov 2014 10:44:45 +0000

Always^^ and there are other hidden gems apart from corner lots. Wide blocks with enough space for a granny flat to the side, essentially creating the look and feel of an entirely new allotment is good. Another great one is lane-way accessed blocks but they’re admittedly rare as hen’s teeth.

A ‘classic block’ can work very well too, if a ‘battle-axe’ geometry can be created well. This is why it pays to get educated and to search out plots which have the right separation and privacy fundamentals. I write about it all the time in my blogs: http://www.grannyflatapprovals.com.au/

Brazen.

By: Clint

Clint — Sat, 15 Nov 2014 06:02:55 +0000

I own a dual dwelling Granny Flat. My 2 cents would be to highlight how powerful the cashflow can be with these properties. The property I own is originally constructed 1960s with the Granny Flat constructed early 1980s. They are very unrenovated and have high costs for maintenance due to things wearing out. I secured a 97% LVR loan and after all costs in the first year it was cashflow positive yielding 8.1%. The rents went up after a year and now yield 8.55%.

I think constructing new is the way to go and securing corner lots with a separate driveway where possible will net the best results.

By: Jason Staggers

Jason Staggers — Thu, 13 Nov 2014 01:51:29 +0000

Great point @MichaelGilbert on the resale issues of non-compliant granny flats. Thanks for the comment!

By: MichaelGilbert

MichaelGilbert — Wed, 12 Nov 2014 04:43:03 +0000

Thanks Jason. I enjoyed that read. I agree with council approval for sure. Even if your neighbours don’t complain or council does not find out, when it comes time to selling this could reduce your net of buyers and most importantly your selling price. I didn’t know about the rules in each state so appreciate you went to length to get the basic rules.