Have you ever considered adding a granny flat to your Northern Beaches property?
It can give you a rental income, or a place for your extended family to move into, without the need to move or spend $1 million.
Take a look out your window; if you have a big back yard there are five reasons to add an extra dwelling.
Why you should build a granny flat on the Northern Beaches
1. It adds value
The first reason to build a granny flat is certainly a powerful one; it adds value to your property.
The rule of thumb is that adding a granny flat can add around 20 to 30 per cent to the value of your property.
There are two things you need to take into consideration.
Firstly, you must ensure that your granny flat has full council approval. Failing to do this can lead to penalties, and future buyers might be put off if they feel there will be legal wrangling they might have to deal with if they purchase your home.
When you apply for council approval, it can also be clever to see if your granny flat can have separate utilities from the main house. So its own power connection, phone and internet, gas and whatever else you can add. While you are at it, your granny flat having its own address (eg, 49a) will also be of benefit, especially if you plan to lease to a tenant.
Secondly, you will need to find a buyer who wants a property with a granny flat. The good news is, as you will see as you read on, granny flats can be income earners, and most buyers will see having one as a good thing.
2. There are some great local businesses that will make it easy
Thanks to their popularity on the Northern Beaches, there are a bunch of builders along the coast who specialise in granny flats and tiny homes.
Whether you are happy to buy a predesigned package or work to design your own, there will be a company to help you. Check out Bungalow Homes, Baddock Building and Northern Beaches Granny Flat Solutions for some inspiration.
3. It adds flexibility to your home
Granny flats are a versatile addition and you don’t necessarily have to use it as a full time residence.
With working from home set to stay in Australia, a granny flat can be the perfect home office. If you need peace and quiet for your work for concentration or constant Zoom calls, a granny flat can separate you from the rest of the house and give you a quiet space to get your work done.
This only scratches the surface of the uses granny flats can be put to. Aside from becoming a rental opportunity, granny flats can be:
– An excellent space for teens to hang out
– A studio for arts and crafts
– A place for relatives to stay or live
– A music studio
– A pool house
– A man cave or she shed
4. You can build: fast
Granny flats can come prefabricated, making them quick and easy to add to a property.
Unlike an extension, which will require extensive planning, granny flats are pre-designed and, therefore faster and generally more economical than a custom-built addition to your home.
Some producers say they can have a granny flat fully installed on your property in as little as 16 weeks.
5. A source of income
Whether you rent out your granny flat full-time or use it as an Airbnb, you can make money from a granny flat.
Granny flats can be particularly useful this way on the Northern Beaches. People who want to live on the Northern Beaches but find it too difficult to buy their own home will see a granny flat as an excellent and affordable rental opportunity. It’s a great solution for young couples or travellers enjoying a working holiday. You may even be able to negotiate some babysitting or yard work in exchange for cheaper rent.
If you don’t want permanent residents in your granny flat, the Northern Beaches are a popular holiday destination, so you will have no trouble finding seasonal short-term tenants. Having an Airbnb right next to where you live will also make it easier and more convenient when you need to visit to tidy up and clean between guests.
Finally, with the increased cost of living lately, the popularity of multigenerational living is on the rise.
A granny flat is an excellent way for two generations to live on the same property without having to be in each other’s pockets. You can invite older children to invest in building a granny flat on your property (with a clear exit plan for the future), or build one and look to sell to two related families that love the Northern Beaches but have a limited budget.
Do you want more advice on the value of your Northern Beaches home, and what it might be worth in today’s market? Reach out to JDH today.
