Hi All, I'm thinking of adding a granny flat (2br) to one of my IPs in the above area. The property has a single common driveway running along the side of the house to the back garden that will suit a battle axe style granny. The current main dwelling car port is around the back of the house off the driveway and there is still a decent back yard for the existing dwelling 9 x 10m. I was wondering if people would be kind enough to share their experiences on * Demand for granny flats in the area * Getting tenants in the main dwelling who are willing to sign up knowing a granny flat is coming - how hard was it and how much people had to drop the rent * Building a granny flat with tenants in the main dwelling - how to avoid issues? * Impact on the main dwelling's rentability * How to design car spaces to share a common driveway without hassles * Retaining tenants - is there a fair bit of turn over until you find compatible sets of tenants? * Any tips or gotcha's? Look forward to hearing your experiences
Have you spoken to local real estate agents and property managers? What is the current vacancy rate for townhouses? That might give you an idea of demand for accommodation that is up really close to the neighbours. Hve you looked at the Town Plan. I could be wrong, but last time I looked granny flats were only allowed under certain conditions, basically limited to a relative of the occupants of teh main dwelling. They have to be built to certain standards too, that visually match the current house.
Granny flats can be rented out separately in mb have checked out wirh council granny flat builder and town planner. Rental prospects are good. Anyone had any experience with building gf in moreton bay - thoughts on points from previous post?
Finance and val issues if grannies arent a normalish stock item in tha rea , expect a capital return of 70c in the dollar or less on your build. not a problem if u have the equity or are doing this for cashflow and completed your "aquisition" phase Can be a pretty chunky impediment for those looking to build portfolios. Until, there is a consistent level of sales of such product,valuers cant get a decent grip, and will value these as larger 5 bed houses, vs 2 discrete dwellings ta rolf