Granny flats are a top choice among those seeking for property investing Sydney opportunities. The term ‘granny flat’ refers to any type of self-contained separate accommodation options located on a single block of land with a main residence. These can be one bedroom homes, studio apartments, converted sheds and garages, new annexes or even smaller houses in the same plot of land as the main home. They can even be a few rooms with a separate entrance in the same house.
As the name suggests, the accommodation is often reserved for relatives such as ageing parents who wish to live with the kids while ensuring greater privacy and separate lives. Some property investors crate these dual income properties to rent out to two separate parties to generate a larger (or in many cases, doubled) rental income.
So why are granny flats or dual income properties such an attractive prospect for property investing Sydney? In reality, homeowners don’t need to obtain official approval to construct one of these properties. In WA and NSW, homeowners may build granny flats of up to 60 square metres which can be rented out to create extra income.
Granny flats are most likely to add greater value for your property. Of course, factors such as privacy, the cost of construction, the quality of the structure as well as shared areas will come in to account. However, homeowners cannot subdivide a granny flat as it will be sold as a part of the main home.
Those of you who seek for dual income properties ought to first consider the rules and regulations. If you wish to rent it out, be sure to do some research as you would for any other investment property. Find answers for questions such as the amount you can make by renting it out and the demand for granny flats in your chosen location.
Here, at Capital Wealth Property, we provide a range of services related to dual income properties such as homes with granny flats. We also provide options for duplex properties and dual key properties. If you granny flats seem like a great choice for you, contact us at Capital Wealth Property today, to learn more.