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What You Need To Know When Investing In Granny Flats

The demand for granny flat in the market has increased as more and more investors are getting interested in this unique addition to homes. If you are an investor that is fully satisfied that having a granny flat will be a solid investment in your property then you are ready to take on the next steps. The following are some of the guides in helping you turn your backyard into an income generating lot.

  • Foremost, you need to obtain approval from the council or from local authorities. This process will only take you a couple of weeks. You can go to the local council and ask for the necessary papers involved and the steps that you will be complying.
  • Next is to obtain financing. For the granny flat project, you will need around $100,000. It is very critical to have your finances from day one. If you have sufficient equity available then most likely you will be able to finance this project. If you do not have an available equity or if you need the lender to consider some rental income from the granny flat then you may need to pursue a construction loan.
  • The third step is to engage builders. The recent gush of interest in granny flats Perth in the market has seen the emergence of various companies that specialize in the field of construction these units and which act as a ‘one-stop-shop’ for your needs. These companies will usually offer a cooperative process which is free from conflicts that is involved in engaging separate builders, designers and trades people. They even take care of the approval and application stages of the project. Builders will usually as their clients to secure a certificate from their local council outlining the planning and zoning objectives of the property. From there, they make sure that there will be neither surprises nor complications in the process which will prevent the client from putting up a granny flat. They will research the property first and ensure that the construction is possible and from there, they will make a design for the granny flat which will suit and take care of the building of the unit from the start until it is finished.
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