Luxury modern granny flat, Holmesville
Granny Flat doubles investment ROI, Holmesville
We recently completed one of our favourite kinds of project: where a client extends a standard build into something special. Yes, a granny flat with a carport is surprisingly uncommon given how much more value and lifestyle convenience the dedicated off-street parking represents. It makes the dwelling that much more self-contained and attractive to tenants. Read on to find out more about this project in Holmesville, just 20 minutes from central Newcastle.
- Project description: Two-bedroom granny flat, plus carport
- Result: An asset that ideally supplements the main dwelling and boosts overall value and/or rental returns
- Project cost: $140,000.00, including CDC approval and construction fees
- Build duration: 13 weeks
- Rental Return: The average rental return for Holmesville is $400/week, so this investment will quickly offset any mortgage repayments.
This granny flat represents a real boost to the ROI and marketability of the overall property. The two-bedroom supplementary housing presents the resident an attractive lifestyle space, plus the garage increases their independence from the main residence. Now the property owners (or future owners) have the opportunity to generate a second income stream from the same investment property.
Holmesville, on the western outskirts of Newcastle (it’s about 20 mins away on the A15) is a gorgeous semi-rural setting. The area of gently rolling green plains and lightly forested bushland was established as a suburb in 1898 and has seen several waves of settlement. Part of the City of Lake Macquarie LGA, Holmesville has a population of just under 1,500. It’s a high-demand market that’s popular with established couples and growing families.
The addition of a carport gives this granny flat its most notable X-factor. However, there is more to it than just that. Featuring a classic weatherboard façade and grey-and-white colour scheme, the new dwelling suits its surroundings.
Inside, space around the two bedrooms is maximised through an open-plan living room plus kitchen. The flooring is Premium Eastern Blackbutt timber laminate – not only attractive but durable and easy for tenants to keep clean. It’s a great match for the luxurious black stone benchtops. Lastly, the home is cooled by a split-system reverse-cycle air-conditioner.
The project’s total cost was just $140,000 – and that includes CDC approval, materials and construction costs. Now consider that the average rent for dwellings in Holmesville is $400 per week. You can see how the modest outlay to invest in a granny flat is a smart-money investment that will pay for itself quick-smart.
Now having supplemented the existing rental property, the owner is keen to get a tenant in. A second income stream from the one property awaits.
Get your granny flat project off the ground with Acrow
Family operated and Central Coast local: that’s Acrow Investments. We specialise in building granny flats, duplexes, homes and dual-occupancies right across the region (including Newcastle and the Hunter Valley).
When you’re looking to partner with a trusted and reliable construction business for your property plans, contact us. Initial site-specific advice and detailed quotes are free of charge.
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