Granny Flats - No longer just for grannies
Announcement posted by Inhouse Granny Flats 21 Oct 2014
From a humble shack for grandma to spend her last years to a micro home that accommodates singles, couples and families, the granny flat has come a long way and council papers show the trend.
Recent development applications on council websites show an increase in the amount of people opting to construct granny flats at their homes.
For some, it remains an extra room for extended family members to accommodate. However as rental prices surge, so do investment opportunities and the granny flat has become a way for residents to guarantee a fixed weekly income.
Barjinder Pal from LJ Hooker Seven hills said granny flats are in high demand.
“We have leased three granny flats in the last week and they go for around $360-$380 per week,” Mr Pal said.
In 2009, the state government introduced the Affordable Rental Housing State Environmental Planning Policy which allows granny flats, that meet regulations, to be approved faster and in turn house more local families.
Although the regulation ensures a quick approval, the certification process can take months before the actual structure is even built and then it’s a matter of forking out over $100,000 for the flat to be constructed.
Nevertheless landlords still see the benefits.
“One common question when we sell a home is, will we be able to build a granny flat in the backyard?” Mr Pal said.
“People want to live in a granny flat because they are brand new.”
Granny flats can be constructed in accordance with the owner’s requirements.
Ranging from an ordinary cladded room to an ultra modern three bedroom brick mini home.
George Elias from Inhouse Granny Flats in Castle hill said he has seen sales surge over the last few years.“Sales are very strong, we went from signingaround 10 contracts a year to the sameamount each month,” Mr Elias said.