Your home is the culmination of your financial efforts—a residence for your family and a safety net in case of economic hardship. However, Sydney’s housing market is continuously growing, so if you want to relocate to a larger property, the possibilities for your loved ones are limited. Do you need an extra bedroom? Do you want your children to benefit from more activity space? You’re not the only one, which is why the housing market is at an all-time high.
Relocating to a more spacious building could translate into hundreds of thousands of dollars in expenses. And that’s something that most Australian families cannot afford. Do you want another solution? Then, a good idea is to call on the professional services of granny flat builders in Western Sydney. ADUs are constructions detached from your primary dwelling that will increase your property’s square footage and bring you extra income.
In recent years, houses with granny flats have become common in Australian cities. Moreover, many say they hold the key to solving our residential crisis. ADUs, when built by granny flat experts, are cheap and versatile dwellings requiring less paperwork than traditional households and often taking less time to complete than you might expect. Granny flats have become an ideal solution for families who need extra storage space. And they are perfect investments if you want to earn a steady but predictable passive income.
Why Invest in One?
Over one million new construction projects have sprung up in Australia in the last five years. However, that’s not enough, as our country’s major cities are suffocated by a never-ending hoard of people looking for better jobs and education opportunities. Are you a citizen of Western Sydney? Then you probably can’t afford to move to a more comfortable home. The median price of dwellings sold in Sydney exceeds $1.15 million, and residences with more than three bedrooms fetch a premium. Do you want extra space? In that case, houses with granny flats are the way to go.
As the name implies, granny flats were initially constructed to house elderly relatives who needed help with daily activities. Do you want to be with your elderly parents or keep an eye on your aunts or uncles? Then, an accessory dwelling unit will be an excellent idea. ADUs offer the privacy our relatives need while allowing us to be near them in case of emergencies. Moreover, ADUs are ideal for your family’s personal projects or subjective needs.
Have you recently received a promotion and need a dedicated office to inspect your subordinates’ projects? Does your wife want a painting studio? Do your children demand a game room? Then, the professional services of granny flat builders in Western Sydney will come to your rescue. The key word when talking about houses with granny flats is versatility. The flexibility of these buildings is perfect for people who want to put their vision into action. Moreover, granny flats are some of the best financial investments you can think of.
Think of the Rental Income
Australia is dealing with a housing crisis, so many people are interested in affordable but qualitative rental options. Want to capitalize on this phenomenon? Are you interested in earning an extra income while providing affordable housing for deserving people? Then granny flats are an excellent option. The median price of ADUs built by granny flat builders ranges from $120,000 to $140,000, which is well below what you will pay if you want to relocate to a bigger building. ADUs make financial sense as their presence adds a minimum of 30% to the market value of your primary property.
Your house is valued at 1 million dollars? If so, an $100,000 investment in an ADU constructed by granny flat builders will net you over $200,000 when you want to sell your household. Moreover, you should also consider the profits from rental income. The average weekly rent for a two-bedroom property in Western Sydney is over $500. However, let’s say you want to rent your newly built granny flat for $400, well below the market rate. Excluding taxes, in only five years, you’ll cover all the construction costs of the ADU.
Houses with granny flats make sense and, for many Australians, are a ticket out of financial hardship. ADUs have become a common sight in Sydney’s suburbs. But that’s a good thing. Unlike residential projects, granny flats don’t have a prolonged negative effect on local communities and can be a plus for keeping the regional economy at an acceptable level. Granny flats offer affordable housing options to people needing a financial break, increase urban density in locations that need income surplus, and are a profitable investment for homeowners.
What Are the Requirements for a Granny Flat?
Since 2009, the AHSEPP has allowed NSW residents to build ADUs without council approval. As a result, the number of houses with granny flats has expanded considerably. What are the regulations to follow? For one thing, the maximum interior space of the granny flats cannot exceed 60 square metres, nor can the building be higher than 8.5 metres. Moreover, granny flats must be constructed next to an existing property on a plot of land larger than 450 square metres. Only one ADU may be built per lot, and the structure must have a separate entrance.
When handled by professionals, most ADU projects are completed in a maximum of six months. The expert you call will coordinate the construction of your ADU and allow you to focus on your family’s other priorities. Plus, it will offer insurance for the work done, access quality building materials, be up to date with the building regulations applicable in NSW and assist in the paperwork required to start construction.
An Excellent Long-Term Investment
Houses with granny flats have become a common sight in Australian neighbourhoods. And the reasons are easy to understand. An ADU can add over 30% to the market value of a home, and they are cost-effective and fast builds that can provide you with extra storage space and be rented out for a stable and predictable income. Granny flats are the best idea if you want to expand the usability of your property. They are a solution to keep an eye on your elderly relatives, positively impact local communities, and are the key to our country’s housing shortage.
Are they cheap? No, but they are much more affordable than changing properties. When built by experts, ADUs are durable and versatile buildings that don’t require extensive planning and are likely to enhance the desirability of your dwelling. Why do properties with granny flats fetch a premium? Extra income. Granny flats are more popular than ever, and you’ll have no problem finding a tenant. In many ways, granny flats can increase your family’s economic stability. And more than likely, the ROI you’ll register in ten or fifteen years will be significant.
