Colin Fragar, our founder and CEO, answers if you can create a dual occupancy with granny flat.
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Or for those that prefer to read, here is a transcript of the video…
How to create a dual occupancy with a granny flat is a question that we often get asked. My name is Colin Fragar from the Council Approval Group.
Now if you are considering this investment strategy, you’re already very savvy. So you probably already understand that dual occupancy is two dwellings on one title. You’re wondering, is there a way to maximise that even further with another granny flat?
So what really you’re asking yourself is how do I boost my rental income to the maximum possible? So the short answer is you can’t have a dual occupancy and a granny flat on the same title.
Using a Loophole
However, there is a little bit of a loophole and wiggle room. I just want to show you how to do that. And please if you are considering this or anything else, whether it’s just a granny flat, a Dual Occupancy by itself, or dual occupancy subdivision, or dual occupancy subdivision with a granny flat, please book in for a consultation because I can see that you’re already pretty savvy.So let’s have a look at this. I’m just going to switch over my screen here and draw a diagram of what we need to do to achieve this. So to be able to pull off a dual occupancy subdivision is one step in itself and if you can pull this off, I’m very impressed by you. But I have done many of them myself. So dual occupancy subdivision is where you build the dual occupancy and you subdivide the land.
So say, this is on a corner lot for example, of which I’ve done this, you end up with two properties, and you’re able to sell one of them.
It’s only after you subdivide would you be able to get a granny flat.So maybe if you’ve got enough room, you might be able to add a small granny flat to this or you may be able to retrofit the existing house to be able to get the granny flat in the basement or above, etc. So to be able to pull this off, I’d be very impressed but I’ve seen it done. I suspect that we may be able to find a solution for your property even if we can’t pull this off.
Take the First Step
I highly recommend that you book in for a consultation, if you have a site already, with one team at the Council Approval Group by going to councilapproval.com.au.My name is Colin Fragar and I wish you every success in looking at this.