Granny flats, also known as secondary dwellings, are excellent ways to make the most of your property.
Why granny flats?
Many of our clients embrace the opportunity of turning what was once a negatively geared single income investment property to a double income positive cash flow powerhouse.
Colin Fragar, investor and best selling author says, ‘Whilst turning around an underperforming investment property is significant, what can be life-changing is when a family who may be struggling to keep up with the costs of life add a granny flat to help pay for their mortgage. We like to think that by us reducing the financial pressures on families that in a way we are help save marriages.’
What is the first step in building a granny flat?
Before you invest in plans or time in talking to a builder, it is essential to determine:
- Whether a granny flat is permissible under the LEP or SEPP?
- Which is the quickest and easiest path to approval?
- If approval is best gained from council, what are the chances of success?
A Preliminary Planning Assessment will answer all of these questions for you. This is step one of our proven seven step system to achieving council approval.
How to get a High Distinction?
“You need to realise that a granny flat may not be the highest and best use of a residential property” suggests Colin. “I certainly love granny flats and have a number of them myself, but they should be an investors second preference behind a dual occupancy”.
To find out why please go to www.councilapproval.com.au/dualoccupancy and watch the interview with Colin.