Rent from a granny flat could add another 27 per cent to your property’s income.
That means around 1 in 5 Brisbane home owners are sitting on money makers, according to a report from Core Logic.
Houses in The Gap have an average land size of 759 square metres, giving it top honours for the suburb with the most properties suitable for development.
Ferny Hills is also granny flat friendly with just over 60 per cent of properties showing granny flat potential.
Nationally, Brisbane backyards offer more potential than Melbourne, while Sydney noses ahead with 233,218 properties large enough for a granny flat, compared to Brisbane’s 204,598.
So should you consider a granny flat? It’s best to talk to a local agent about your objectives before you bring in the builders.
This is especially so if you’re looking to add a granny flat as a strategy to boost returns on an investment property.
Core Logic reports it costs around $200,000 for a two-bed granny flat and $120,000 for a one-bedroom. But if you build it, will the tenants come? That’s where you need to talk to your local rental agents to find out whether a market exists for granny flat renters or multi-generational living.
Also talk to your local council about regulations for renting a separate dwelling on your property.
Want to boost your investment returns? Talk to us about landlording.
Need more space for granny? View our current listings for sale or check our listings for rent.
