Increase the value of your home
Affordable housing within New South Wales – particularly in Sydney – is a critical issue, with the city being ranked as the third most expensive city in the world regarding housing affordability. With the majority of individuals spending over 30% of their weekly income on rent, finding affordable housing has become extremely difficult, creating a higher demand for Granny Flats. Over the course of the last few years, the demand for Granny Flats has increased substantially, with many young families and couples interested in renting out a small home, without the extravagant price-tag. For existing homeowners, this means that Granny Flats are fantastic investment options which guarantee continuous rental income, as well as increase the value of your home.
Granny Flats, technically referred to ‘secondary dwellings’ are built on the same block of land as an existing, primary dwelling. Although on the same block, Granny Flats have separate entrances and are considered self-contained dwellings, still ensuring privacy for both occupants. So, if you have some extra space in your backyard, a Granny Flat may be the perfect option for you.
Keep reading as we run you through some key factors, highlighting the incredible value that a Granny Flat addition can make to your home.
How to make the most of your Granny Flat
Granny Flats are a fantastic way to generate weekly rental income, primary due to their price-tag. Here at RESCON Granny Flats, a high quality, two-bedroom Granny Flat starts from $110,000, including design and approval. This means that instead of spending hundreds of thousands of dollars on a new home, homeowners can spend significantly lesser and still generate a substantial amount of weekly rental income. Depending on the suburb, a Granny Flat can effortlessly generate between $350-$450 of rental income per week. Homeowners can pay off their Granny Flats faster than a new home, and guarantee a constant flow of income as time progresses.
In addition to long-term rentals, short-term stays are also extremely popular. With the recent outbreak of the COVID-19 pandemic and the limitations on domestic and international travel, individuals are opting for weekend trips away around the state instead. As a result, Granny Flats are also extremely popular on sites such as AirBnb and Stayz, averaging between $80-$110 per night across the Sydney region.
Will it increase the value of my home?
Yes! A Granny Flat, starting from $110,000 here at RESCON Granny Flats, can be expected to boost your home value by thirty-percent according to the 2019 CoreLogic/Archistart Granny Flat Report.
So, are you ready to start building? Contact our team here at RESCON Granny Flats and organise your free Site Visit and quote. Our friendly team are always eager to answer your Granny Flat related questions. Just click here.