Just thought id drop a quick question… does any1 here build granny flats on their properties
i am in the process of doing this 2 a property to bring it from neg to more neutral. Any thoughts, hints,??? im converting an exsisting single garage into flat, im using 2nd hand product and will cost 2000 2500 max.
id imagine it would make me rent decrease by 10$ per week.rent for house b4 $210 pw, now will be 195 +130 for the flat.
Adding a minor dwelling to a property is a great way of adding value and improving cashflows.
Converting garages to granny flats or sleepouts, sub dividing back sections, dividing a house to become 2 residences are all ways of adding value. You already own the land so you then only have to do the figures on the building costs. Just ensure everything is legal.
Cheers
Jeff
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