Adding value with 2nd Space Granny flats
As a homeowner, you’re likely on the lookout for ways to add value to your property at one point or another. One trend that seems to be gaining popularity across the country is the building of granny flats.
Anthony Lee, Director of 2nd Space - a company that develops a range of granny flats, explains that property owners can find value in a number of ways.
“Granny flats can provide owners with a rental income if they choose to put tenants in - or two rental incomes if the primary residence is an investment property - and it can maximise the sale price when it comes time to put the property on the market,” he said.
The first step in determining if a granny flat is a viable option for your property is to look at the space you have available. A block typically has to be at least 450 square metres and residentially zoned.
Anthony said there are varying prices and sizes for granny flats to suit all budgets.
“At 2nd Space we offer three products that range from $32,000 to over $120,000. Obviously the bigger you go, and the more features you choose, the more expensive it becomes,” he said.
In most cases, a 2nd Space building will take about two weeks to construct, but owners should factor in the application and approval process to their timeline.
“We can typically have your granny flat ready within eight weeks of signing a contract. Owners will see us on site for about two weeks during construction - it’s a very non-invasive process.”
As Anthony explains , it’s important to do your homework because each state has different regulations.
“Researching factors such as whether you’re able to rent out the granny flat, and if so, how much rent you’ll realistically achieve means that you can do the numbers to see if it’s the right option.
“If you decide a granny flat is right for your property, consulting with your local council is critical. As mentioned, different areas have different rules when it comes to granny flats and by working with your local council, you’ll be sure you’re following the right application and construction process.”