We have sourced some great information on the benefits of building and renting out a granny flat, studio or modular unit. This is a real untapped opportunity for residents in Coffs Harbour and the North Coast where affordable rental is hard to source.
Article sourced from “Your Investment Property”
Once upon a time, a couple had the bright idea to utilise their backyard to build a place for granny to live. It was perfect: they were doing their part to look after the ailing dear, without having to give up any of their own space. All parties had a private area to call their own, while a babysitter or a hand in the kitchen was just a patch of lawn away.
Nowadays, as Australia’s population continues to grow, the residential space around the nation’s major cities is shrinking. Families and investors looking to maximise their income are getting creative and thinking outside the block. Meanwhile, local and state governments are looking to facilitate the provision of affordable rental properties, as the costs of living continue to rise. Witness the emergence of the granny flat as a common solution.
Read the full article here: A clever trick you didn’t know could triple your rent
Article sourced from “Sydney Morning Herald”
Who has not, at some time or other, longed for a granny flat or studio at the bottom of the garden? Especially whenever the in-laws announce a visit, a teenager’s music makes the home foundations vibrate or you’re simply not seeing eye to eye with a loved one.
But does the prospect of a ready refuge make sound financial sense?
Most of that value will be in the convenience of having a self-contained studio to put visitors, members of the family, a home office, the au pair, carers for an elderly home-owner or paying tenants to earn some extra income. Depending on the location, a decent granny flat can be rented out for between $200 and $600 a week.
“That can be quite an attractive return on the investment,” says buyers’ agent Jacque Parker of House Search Australia. “In some areas, their popularity has really taken off, and they can add value to a property as people like the idea of a second income.”
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