According to the Australian Bureau of Statistics, Australia’s population of 23 million and counting will double and maybe even triple in the next 80 years.
Schools are becoming popular in urban areas and so is apartment living. On the city fringes, Australians are still buying up the dream of a house and a yard while in the city, blocks are shrinking as semis and second homes squeeze out front lawns and back yards.
Building a granny flat on the rural fringe or in the suburbs is an investment that meets the needs of a growing population tomorrow. It can even provide a passive income today, or function as a home office.
The farms of Camden in Sydney’s south-west are transforming into satellite settlements of tract housing and massive shopping centres.
For the rural fringe, this represents an opportunity to customise living for the discerning buyer. Whether or not your acreage or large block has a subdivision clause on it today, chances are it’s on its way.
Building a granny flat or two on your property gives you an immediate passive income stream as you wait for the opportunity to subdivide. With some careful planning, you can even make sure the services are ready when you need them.
On acreage, plan out your block as a street or series of streets with the help of a town planner, or call one of our experts for advice on how you can start your granny flat build.
Suburban blocks can accommodate smaller attached dwellings or free standing structures at the rear of a property. Whether the structures are used as a second home, an office, or an additional living space, the extra floorplan can double the value of your home. A one-bedroom granny flat not only adds a bedroom and a bathroom but another living area.
When it comes time to sell, the granny flat you’ve been using as a home office or visitor accommodation is potentially a passive income stream or home for an elderly relative.
The diversity of uses of a granny flat means it will always add value when it comes time to divest your interest. Always check the accreditation of your builder and ensure that they meet the minimum standards set out by the Master Builders’ Association in your state.
Granny Flat Laws Make it Easy
Whether you’re building in urban areas or the rural heartland, investing in a granny flat is simple. New South Wales reviewed its legislation surrounding granny flats in 2013, making the building process easier.
In some cases, you won’t even need a development application and your granny flat may be approved to build within 20 days. This is all part of a push for affordable housing and it’s something that a discerning investor can certainly take advantage of.
Quality fixtures, appointments and durable materials are essential to your investment success. With a quality build, your second dwelling can provide a passive income, place to live, and increase the value of your property when you’re ready to sell. Consult with a master builder like DB Homes when you’re ready to invest in a granny flat.