If you are one of the lucky people in Australia who can afford your own home, then you have probably experienced firsthand the property market volatility in this country. Now that you are a homeowner, you probably have other priorities in your life, such as the cost of keeping your home running smoothly or the investment needed to keep it competitive if you want to sell it.
But where could you make the extra money to afford the rising costs of owning a home? One solution could be to call on the best granny flats builders Sydney to construct a secondary dwelling that suits your expectations. These custom granny flats Sydney are ideal for long-term rentals, which can bring you a generous profit, have the advantage of adding a boost of value to your primary dwelling, and can be ideal if you want to bring close to you a family member who needs constant supervision.
Why Not Go for a Separate House?
Because you most likely can't afford it. The median cost of a new home in Australia has exceeded $500,000, an almost impossible amount for most of us. Buildings constructed by the best granny flats builders Sydney are much cheaper and can be built directly on the land you already own, without the need for additional permits, although there are exceptions to this rule that need to be checked first. Granny flats can be customized directly to your needs and requirements, the only limitations you have to follow being about the size of the new build, which generally should not exceed 700 square feet.
As the best granny flats builders Sydney have probably told you, from a financial point of view, a secondary dwelling may be an ideal solution for your family’s security. The initial construction of a secondary dwelling often takes no more than 16 weeks, and the costs are less than half of what you would pay for a new home. Granny flats can be built with any floor plan, from one-bedroom suites to two-bedroom fully equipped secondary dwellings. You can add separate electricity, gas, running water, and internet. Basically, you can build a second home, but you don't need the permits to do so.
It Can be More Than Profitable
The average rent in the Sidney area is over $500 per week, but let's be conservative and say that you want to rent your new granny flat for $400 per week and that the whole build costs you a total of $125,000. Your entire investment would pay for itself in just six years, and on top of that, your main property would benefit from a boost of up to 30% if you wanted to list it on the market.
You also have the opportunity to move into your newly built second home and rent out your primary residence at a higher cost, which will bring you a quicker return. Building custom granny flats Sydney can be one of the most profitable and fastest investments in the Australian property market, and it's one you might want to pursue if you are interested in your family's financial security.
Expand and Profit
Custom granny flats Sydney can also be an ingenious solution if you have a house in a good neighborhood but couldn't initially afford to buy a big enough property for your future needs. Perhaps you were initially excited by the prospects of starting a family in a quiet area full of good schools and playgrounds, but now your children are grown, and the house seems small. What to do?
Rather than moving and losing out on all the benefits of a great neighborhood, you could enlist the services of the best granny flats builders Sydney to build you an attached secondary dwelling directly on your land. If your yard allows it, you make an extension to your house, which can be an ideal solution for your long-term economic comfort.
Think About Your Family
The nomenclature of granny flats does not come from the financial advantages that such a structure can bring but from their original use, namely, as separate dwellings for senior family members. In recent years, custom granny flats Sydney have become multi-purpose buildings that have deviated from this original use. Some people prefer to build genuine miniature homes to rent out, while for others, these structures may act as separate outbuildings to their homes. Still, we should never lose sight of the advantages such construction can bring to our family setup.
The best granny flats builders Sydney will help you with all the information you need about your new build. They should provide you with a comprehensive plan that includes the estimated construction time and take all the necessary steps to ensure that your building complies with all your local council regulations. Experience and professionalism should be pivotal when choosing a company to work with, and communication, in this case, can be crucial to making the wisest choice.
It’s Not Only About Pride
Our parents and grandparents may need help as they age, although most will never admit it. By building custom granny flats Sydney you can ensure that your loved ones have privacy and independence while being close enough for you to be present if the situation requires it. Few things in life are more important than family unity, and it is everyone's duty at some point to look after the welfare of those who raised us.
And it doesn't always have to be a one-sided arrangement. Through a granny flat agreement signed by both parties, you can guarantee a family member the right to stay indefinitely in your newly built custom granny flats Sydney as long as they agree to contribute to the bills or household needs. It's not necessary, of course, but it can be a win-win solution for both parties. By calling the best granny flats builders Sydney, you can learn the technicalities behind such an arrangement and start the necessary preparations for building your new living space.