Are you wondering how to decide between granny flat or extension? This video provides insights to help you make the right decision for you.
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So what is going to generate more property value for yourself – an extension or a granny flat? My name is Colin Fragar from Council Approval Group. I’d actually like to share with you my own personal story because my wife and I went through this very same question not too long ago.
Our Experience Deciding Granny Flat or Extension
So we have a property with quite a bit of land and we were living in this house, which was only fairly small. We thought, ‘Hey, we want to just extend. We want to really have that great lifestyle, and we want to be able to, you know, have the extra space that we need for our family’. But we then we thought, ‘Well, hang on, yes, we might have a better lifestyle but the end game for us here is probably to create a better financial future and to create better financial security.’ We didn’t want to take on more debt, build a larger building, have an extension, another $300,000 worth of loans for us to pay off, and to be paying it off for the next 20 years. So what we did, I think was very smart. And I’d like to share that with you.
So this is a photograph of the property. The property and the experiences are real. So this is inside, but this is actually what it looks like outside. So we were able to build this and it does look almost like a house and we’ve got a premium rent for it. We’re very excited that now we basically have zero mortgage to pay on a weekly basis and the quality of life is so much better. And what it allows us to do, because of the increased borrowing capacity is then to go and buy a separate property in the dream area with the dream lifestyle and the dream house that we want to live in. But I think that decision really is a very personal one and just because it applied to me doesn’t mean it is also the best decision for you.
But we then we thought, ‘Well, hang on, yes, we might have a better lifestyle but the end game for us here is probably to create a better financial future and to create better financial security.’ We didn’t want to take on more debt, build a larger building, have an extension, another $300,000 worth of loans for us to pay off, and to be paying it off for the next 20 years.
Get Expert Advice for Your Project
So I think it’s important for us to have a dialogue, a one-on-one conversation with one of our consultants. If you go ahead and book your 30-minute consultation on our website, you’ll be able to book in for a time that suits you. During the consult you will talk about what your needs are, what challenges you’re facing, and if needed, we can even talk to both you and your loved ones at the same time in that conversation. And then what we’ll do is we’ll recommend a clear next step forward for you. If you’re just exploring ideas at the moment, I also encourage you to grab a copy of Your Ultimate Guide to Council Approval, which is really a special magazine that we’ve produced so that you can start to understand the whole approval process and also the building game.
So my name is Colin Fragar. Hope you enjoy and we’ll see you next time.