A granny flat property investment that’s long on smarts
When you have extra space on the block of an existing investment property, the opportunity is clear: look at getting a granny flat! That’s just what happened when the owner of this property sought ways to boost their investment return. We were only too happy to help them reach their goals.
Let’s take a closer look at the project:
- Project description: Granny flat designed to attract a good rental value.
- Result: A two-bedroom granny flat that, through good design and high-end finishes, creates an appealing home that’s far more than “just a granny flat”.
- Project cost: $131,000.00 including CDC approval and construction fees.
- Build duration: 15 weeks.
- Rental Return: Average rental yield in area is $420/week. Combined with the rent received from the existing home, this property will easily offset any mortgage repayments for the build!
This granny flat is an ideal vehicle to derive extra returns from an existing investment holding. As a spacious self-contained dwelling unto itself – with two full bedrooms no less – this is far more attractive on the general rental market than a “granny flat” that only serves as an outbuilding of the main residence. As such, the owner now has two rental sources from the one block, and that means a shorter payback period.
There’s more to the suburb of Long Jetty than the name. While there are actually three long jetties, the famous one is a local historical landmark. Built in 1915, it’s 351m long and offers a real focal point to the delightful foreshore of Tuggerah Lake which is the suburb’s main natural feature. Meanwhile, just over the ridge to the west, residents have immediate access to Shelly Beach and the open ocean.
With a population of 6400, the suburb includes the Jetty Mall shopping precinct which offers restaurants, cafes, boutiques and speciality stores. Immediately north, across the bridge is the regional centre of The Entrance. All up, Long Jetty is a desirable place to visit, holiday or live.
Beginning to end, this was a great build. Designed to maximise investment returns, this two-bedroom granny flat showcases high-end finishes and details that will not just attract interest but convince quality tenants that this is a home where they can feel at home … and even put down roots.
The interior has a sense of warmth through natural touches such as timber laminate flooring and stone benchtops. Meanwhile, the split-system reverse-cycle-air conditioning keeps the temperatures comfortable on even the most “summery” of sunny beachside days.
A great granny flat like this is more accessible than you’d think. This quality home was planned, built and completed for just $131,000 – and that includes approval costs. With the average rental return for the suburb at an excellent $420 per week, you can see how attractive the payback period looks.
What’s more, the granny flat is a significant capital investment in improving the overall value of the property.
Choose Acrow Investments
Acrow Investments is a family business from right here on the Central Coast. We specialise in building granny flats, duplexes and dual occupancies right across the region – from Newcastle and the Hunter and down to the Hawkesbury.
So, if you’re looking to work alongside renowned construction experts for your next project, call us or send us an email. Site-specific advice and quotes are free and carry no obligation.
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