Building a granny flat in your property can be a great investment. If none of your family is using this secondary dwelling, you can have it rented to augment your income. In Perth, there is a great demand for granny flat rentals as it becomes popular not only to older folks but also to the younger ones who are just starting to be on their own.
If you don’t own a granny flat yet but is planning to invest in one in the near future, rural properties are great place to start. Residential properties in rural areas are much cheaper than its urban counterpart and have plenty of space to build granny flats. Agricultural and mining towns are good choices because it has emerging trends for growth.
With a good design and some little addition you can boosts the rental of your granny flat. Here are some tips you can look into to increase the cash flow from your granny flat investment.
- Have it built in accessible location. If are just in the planning stage, it is wise to build your granny flat in a property which is accessible and has a convenient access to public transportation, shopping centres, and schools. If you cannot get all the three, have the public transportation as the first priority since getting to malls and school more convenient if public transport is accessible.
If possible, build your granny flat in a corner lot so that it can have a street frontage. Privacy is the greatest lure in granny flat rental. If you don’t have a corner lot, make sure that it is situated in a good side where the tenants can have their own private entry.
- Provide off street parking. An off street parking space is a major attraction to renters. You can actually bump off your rental fee to a few dollars if you can provide an off street parking for your tenant.
- Make your granny flat pet friendly. Most of the granny flats in Perth don’t allow pets. Making your granny flat pet friendly will make it pet lovers’ magnet. You can actually increase your rent for about $20 a week by making it pet friendly. Plus, pet lovers typically stay longer in one place. Just make sure to include a clause about pet damage in your lease contract.
- Have it furnished. A furnished granny flat is more popular to tenants. Air conditioning, dishwasher, and refrigerator can boost your granny flat rental. Most of the tenants are willing to pay extra for the sake of comfort and convenience.
- Give your granny flat awesome finishing touches. This means that you have to pay attention to details like providing a separate mail-box, pathways, garbage bins and other stuffs like that. It would be awesome if you could have the flat soundproofed, and provide easy access for elderly and PWD tenants. A fence and a small garden can also be a good enhancement that could boost your granny flat rental.