With the onset of the shortage of housing, many homeowners saw an opportunity for them to earn extra income by getting their extra rooms renting out. On the other hand, considered constructing secondary or extensions to their main house but the only problem is it was not allowed in many areas. That is, until the government decided to relax the laws on granny flat Wollongong, allowing them to be built by Granny flats Solutions, but only if homeowners followed certain conditions.
Conditions Of The Government –
The conditions that the government set as far as building these accessories are related, include the fact that it can be built only on residential zone properties, that each residential property is permitted to build only one flat, that the block it is to be built on must be not more than 450 square meters and have no more than 60 square meters of living space even with the verandahs and patios and that they cannot exist on subdivided strata or community title property.
Also, they cannot be built on unoccupied land or on properties to be used for commercial purposes or they can be attached to the main house or be a free-standing unit on the property. Most important is that they must have an unobstructed, clear, and separate pedestrian access and if a part of the home is converted into a flat, it should have a separate entrance.
The fact that these secondary dwellings may add to the resale value of the house and offer a great rental yield, are just some of the benefits you can get from building granny flats on your property. You may spend between $10,000 to $ 20,000 for converting the extra rooms to a livable residence and it includes adding a bathroom which may double your rental rates.
Garage or Basement Conversion –
you may also consider a basement or garage conversion which can be very economical and add framing an opening for windows and a new front door if you are considering a garage conversion but if you are going for a basement conversion, it is best if the home is on a hill as the down hillside can be used to add large windows to let in natural light and fresh air. As long as the space is legally habitable, you are good to go.
To make sure that the granny flat strategy works for you, the next thing you can do is to make sure you have access to a lot of tenants who would like to rent it. You can ask your local real estate agent to get an idea of how much in demand these flats are and how many are looking to rent or lease one actually.
Drive around the suburbs and find out the types of existing flats in your area and how you can provide better options to the tenants.
So go ahead and research now on the paperwork required to get the ball rolling, find out the demand for these flats and the cost to build one. At the right location, granny flats can provide fantastic deals so you can get some real income to see you through.