Summary: Hi! I’m Cherie Barber from Renovating for Profit. Now for exclusive viewers of Stuart Zadel, this month I thought I’d talk to you about granny flats. Now the fact of the matter is that granny flats are invading backyards right across the nation. They’re one of my favorite ways to add value to a property externally. Now if you’re renovating to sell, granny flats are a unique point of difference. Let’s face it, you’ve got housing affordability and rising childcare costs. A lot of people want their in-laws to be close, or babysitters or nannies, whatever it may be, to be close, but families don’t want these people to be living inside their house. This is where granny flats can be perfect. You can have those people close but not living right near you. Now from a renovating to rent perspective, granny flats are highly lucrative. In fact one of my students recently assessed the viability of a granny flat for his renovation. He was renovating the existing house to the front of their property. He was going to subdivide and put a granny flat at the back. Now just to come in and renovate the house is going to give him a rental yield of about 4%, with the granny flat it was almost 9% rental yield – so they are highly lucrative. Now, what does a granny flat cost you? The average cost for a studio granny flat; that’s a granny flat that doesn’t have a separated bedroom, just a big granny flat per say, your fully finished cost are about $50 to $70 thousand.You can obviously get one, two and three bedrooms, with the three bedroom granny flat sort of nudging up in the range of $100 to $120 thousand fully finished. So yes, they are a lot cheaper than a custom or a project home build. The question that I want to leave you with is next time you’re assessing the viability of a block or a potential purchase, ask yourself the question, can I put a granny flat on? Can I get that approved through council? And is it going to make it a lucrative property investment? See you next time. The post Cherie Barber: Granny Flat Gold Mines appeared first on Stuart Zadel :: Napoleon Hill » Podcast Feed.The post Cherie Barber: Granny Flat Gold Mines appeared first on Stuart Zadel :: Napoleon Hill » Podcast Feed.
