Colin Fragar, our founder and CEO, shares the differences between a dual occupancy and granny flat.
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Or for those that prefer to read, here is a transcript of the video…
So which is better, a Dual Occupancy or Granny Flat? My name is Colin Fragar from Council Approval Group and that is a question that we get asked every single day of the week by our clients.
I encourage you, if you do have that question just from the outset, make sure you grab a free consult from one of our team so we can better understand what you’re trying to achieve. And we’ll run through with you our step by step process to be able to work out what the highest end use is of your property.
So if you’re asking that question, I congratulate you because it shows that you’re already starting to think about your financial future. You’re thinking about your property portfolio and maybe when you know what you want to do with the extra income.
Dual Occupancy Vs Granny Flat: What Are the Differences?
So I’m just going to draw a little diagram here to illustrate the point of what’s the difference between a granny flat and a secondary dwelling.
So, here we have a secondary dwelling and we’ve got the house. You know the story. A typical secondary dwelling, sometimes referred to as a granny flat in the backyard, creates that extra income.
Now a dual occupancy is the same in that, it can be either attached or detached as these. So you can either have them separate or you can have them together. It’s the same in that you still have two properties on the same title, but the dual occupancy is larger and it uses a different planning instrument usually to pull it off.
I like it much better than a secondary dwelling. And if we can do this for you, it’s literally a difference of hundreds of thousands of dollars.
For example, a dual occupancy is not only larger, which means extra rental income from maybe a third bedroom instead of two, but you can also possibly subdivide it.
Resources To Take the Next Step
There are a whole bunch of other reasons which we talk about in Your Ultimate Guide to Achieving Council Approval.
Please make sure you grab that copy if you haven’t got it already. In here is my five specific reasons why a dual occupancy is better than a secondary dwelling or granny flat.
If you haven’t already, grab a consult as well if you do have a property you already. Only serious inquiries obviously. But we will be happy to have a conversation if you are serious about moving forward with your financial future.
I congratulate you for looking at your situation and wanting to improve your life. Real Estate, hands down, is very exciting and this strategy alone may add hundreds of thousands of dollars to your portfolio.
My name is Colin Fragar. Thanks for watching.