Building Lifestyle Through Investments

10 Common Granny Flat Myths Debunked

by Jun 14, 2019

Whether you’re looking to boost the value of your home/property, need a separate living space for family or are just simply looking to build a man cave or studio – there’s no denying a granny flat’s value. With the housing market in it’s current volatile state, it’s no hard guess as to why Central Coast residents are looking to take advantage of the value sitting idle in their own backyard.

Granny flats have certainly increased in popularity in recent years, particularly since property prices on the Central Coast have continued to rise. And all indications look as though this trend is set to continue. However, whenever something rises in popularity quickly, there’s often the unfortunate side effect of misinformation and misconceptions circulating in the community – and granny flats are no exception! So we decided to myth bust some of the top misconceptions we hear regularly from our customers.

Myth #1: Granny flat approvals are hard to get…

Busted! Despite some states and local councils having strict planning and building regulations regarding approvals, construction and granny flat uses, NSW and the Central Coast have new planning policies to increase the supply and availability of affordable rental housing! As a result, it’s never been easier to get a granny flat approved (pending all criteria is met). Read an in-depth overview of NSW criteria here.

Myth #2: Granny flat approvals take forever…

Busted! In New South Wales, the timeline for approval is actually quite compact. For standard granny flat approvals (those that meet all regulatory criteria), approval can take as little as four weeks! If your property does not meet the cookie cutter specifications (as many do) approvals can take longer – please contact us with your details and we’ll let you know an estimated approval time.

Myth #3: You need a lot of land to build one…

Busted! In New South Wales (and including the Central Coast), the minimum land block size is 450m2 – however it’s important to note that certain regulations limit the building of only one secondary dwelling on each lot.

Myth #4: The size of the granny flat doesn’t matter…

Busted! Again, regulations vary state to state, but as a general rule of thumb, the granny flat must be under 60m2

Myth #5: You must subdivide your property…

Busted! Building a granny flat does not permit the subdivision of your property (unless it’s already allowed under the suburb’s planning scheme). However, you may be able to separate the mailing address and arrange for for individual utility bills.

Myth #6: The granny flat has to be detached from the main dwelling…

Busted! Whilst the most common scenario is to build a separate dwelling on your lot, completely detached from the main home, there are also alternatives. We have approved plans for dual occupancy homes, that have converted part of the existing home into an ancillary dwelling by separating part of the house.

Myth #7: No one wants to rent a granny flat…

Busted! Are you joking?! In reality, a granny flat is actually a great rental prospect. If it’s well constructed with quality inclusions, looks and feels like a home, is close to public transport, schools etc – it can be even more desirable than a small rental home due to their modern aesthetic. Depending on the location, your granny flat could receive between $350 – 450 weekly rent. Our clients are receiving on average $250 – $300 gross profit every week after repaying their interest only loan for the granny flat. What an unbelievable investment return!

Myth #8: You can’t use a granny flat for investment purposes…

Busted! With easing granny flat rental regulations in NSW – homeowners and investors can certainly earn a decent income by renting out their granny flat. They also add significant value to your property when considering all potential uses and scenarios.

Myth #9: A granny flat is just a cheap, low quality kit home…

Busted! It’s true that there are granny flat kit homes available on the market, but they’re certainly not your only option (nor are they the best one). Depending on your needs, you can get architecturally designed granny flats that work harmoniously with your property’s main dwelling. Speak to one of our granny flat specialists about the large range of exception plans we have available.

Myth #10: It’s hard to get it financed…

Busted! Most banks have no issue lending to home owners and investors to build a granny flat, as it is a sound investment choice.

 

 

 

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