Sunday, 11 October 2015
The trend of the humble granny flat is booming and new laws are making it easier than ever for families to cash in on their own back yard.
While Robert Davey (a Vision Property Group Qld/Ipswich Granny Flat client) kicks back in his newly built granny flat meters away his house is paying down his mortgage.
You’ve got someone else to help you contribute towards the costs.
His back yard addition in Ipswich is just one of the slick new granny flats (Ipswich Granny Flats) popping up across the South East.
They come with modern bathrooms, even built in laundries and with a moderate outlay of around $120,000.00 can reap big returns if you rent them out.
Rob Davey : ‘That I’ve made it very liveable, it’s a good size, I’ve pretty much got everything I want in it.’
It’s a trend not just in Ipswich but across the South East with 150 applications in Brisbane and 60 on the Gold Coast last financial year - now some councils are making it easier to cash in.
Logan recently changed their planning to allow granny flats to be rented out, something Ipswich did years ago but in Brisbane granny flats can only be built for family members to occupy.
Granny flats are very popular with parents who might have teenage children who are looking for their own personal space. (See case studies: http://www.ipswichgrannyflats.com.au/case studies)
On the Gold Coast the council has made it easier for families to live together on the same block.
If you’re thinking of adding a granny flat there are some simple things you should remember. Make sure there is a separate entrance to the residence and consider adding a covered outdoor entertaining area.
You don’t have to build new, modifying an existing space can also be worth your while.
In the longer terms granny flats will add value but it’s important to look at the location of the property and whether or not there is demand in that location.
Claire Hunter, 9 news