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Hi Tom,
The opportunity to rent out a granny flat is only available in NSW, Tasmania, the Northern Territory (in the city of Fremantle, Perth. Tasmania and NT have more restrictions in place than NSW, such as the flat having to share connections to essential services with the main house). Victoria, South Australia and Queensland, such arrangements are forbidden. In these states granny flats are deemed to be legal dwellings only for dependants of the owner, with their occupiers usually the householder’s adult children or elderly parents.
The following are general regulations that pertain to the development of granny flats across most local councils:
Granny flats can be built only on Residential Zone property
Must be self-contained, meaning it has a separate entrance as well as bathroom, kitchen, bedroom and living area.
Each residential property is limited to one granny flat
The block must be at least 450m2 to build a granny flat and the combined total floor area of the house and the granny flat complies with the floor space area controls in the local environment plan
The owner of the granny flat must also be the owner of the primary dwelling
The granny flat can have no more than 60m2 of living space. However, patios, verandas or carports can be attached in addition to that allowance
Granny flats cannot exist on strata title, subdivided or community title property
Granny flats cannot be built on unoccupied land or on a property used for commercial purposes
Granny flats can be attached to the primary dwelling, or can be free standing
Granny flats must have clear, separate and unobstructed pedestrian access
The granny flat meets the requirements of the Building Code of Australia.I hope this helps.
Mike
P.S. I found this information through various sites online as I was researching Granny Flats VIC myself.
Hi Johann,
Thank you very much for your message.
To answer your question, I wish to flip a property next for several reasons:
My other properties were purchased with a buy/hold strategy in mind. They are just ticking away nicely, however I feel I'm in a holding pattern at the moment (I won't consider selling the properties for at least another 5-7 years to really maximise capital growth) and so now I just want to keep going with my passion for property. Therefore, flipping is a more immediate way of continuing my growth plan i.e. mixture of flipping and buy/hold.
The other reason is that I have recently fully renovated my Windsor apartment and not only have I become addicted, I've realised how much value I can add through the use of my design skills.
I agree, the Melbourne market is pretty chaotic at the moment, so I would no doubt be very cautious about where I buy and for how much.
I appreciate the mortgage broker recommendation. I do have a great broker and we have just reworked my loans a few weeks ago. However, my issue is cash flow (as I only just bought my latest property late last year…and I also work for myself). Therefore, while I wait, I thought the next best thing would be to volunteer my time/labour in return for experience with a flipping mentor.
So you think there's a market to assist flippers from a design perspective?
Thanks again,
Mike
P.S. Congrats on your latest purchase!
Thank you Nigel.
Yeah, I was hoping to get some hands on experience in and around my region to get to understand the local market a little better (e.g. suppliers, trades people etc)…but thank you for your response.
Mike
