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Does a Granny Flat Add Value To a Property?

The direct answer is yes. If you have excess space in your property, the best way to get the most out of it is by adding a Granny Flat. A Granny Flat adds value to a property by making 2 separate dwellings on the property. Means both dwellings can be rented separately which holds great value as granny flats rent for a lot. An impressive return on investment or offer extra living space and amenities to expand the main dwellings usability.

Nevertheless, the design, level of construction, size, and placement of a granny flat, like any development, will determine how much it will increase the value of a property.

Consulting with a reliable Granny flat builder is crucial in evaluating your property value. If you are constructing a single-storey Granny Flat, the cost will be less compared to a double-storey Granny Flat, but the value increase to the property will be the same.

30% Boost Property Granny Flat Value:

The value a Granny Flat adds to your property depends on your property type, size, flat design, and the style you wish to construct the flat. The Archistar Granny Flat Report shows that attentively designed Granny flat floor plans add up to 30% to a property value.

It will help if you are cautious while constructing a Granny Flat. Of course, you don’t want a flat to dominate your main living house and remove all the green space you have.

Besides, have a look at the NSW requirement list. According to the NSW Planning Department, the local government and councils can approve a Granny Flat application within 20 days. However, since the state government shortened the procedure, Granny flat plans in NSW Australia can be approved by a private certifier, speeding up the process even further.

Each district/council area has different regulations for Granny Flats. You might find that a new granny flat is not possible or legal on your property via DA approval. Perhaps yes for CDC approval. Therefore, the first thing to do if some one is interested in adding a granny flat to your property is to research the rules set out by own local municipality. Leave it to a professional like Smart Choice Granny Flats to help advise you of your options.

Rental Returns:

If you have no plans for using the Granny Flat for your living space, rent it out to get the Granny flat cost back that was spent on construction. Those who can’t afford to rent a larger home are willing to pay up to $800 to rent a granny flat in many areas around Sydney.

With time, you should learn property value-adding strategies. Adding a Granny Flat is convenient, time-saving, and fantastic for raising your capital value and rental revenue. If unsure about the design, you can visit our Granny flat showroom and or speak with our in-house draftsman to get ideas.