Home with granny flat

L

Lynchy

Hey everyone,

Hope all is going well.

Looking to buy my 2nd IP in the next 3 or so months and have just started looking around. I am looking for a house with a granny flat to maximise income. Is there anywhere that I can search specificaly for houses for sale with granny flats?

Thanks in advance!
 
Lynchy said:
Looking to buy my 2nd IP in the next 3 or so months and have just started looking around. I am looking for a house with a granny flat to maximise income. Is there anywhere that I can search specificaly for houses for sale with granny flats?
Click to expand...

Ahhh, a man (I presume) after my own heart :)

You can do a keyword search on listings on domain.com.au but you have to engage the map seach first. (realestate.com.au is useless for this kind of searching)

Keywords like: granny, in-law accommodation, teenage retreat, studio, dual

BUT be warned, many of the bigger REAs do not like putting these words into their adverts so you have little choise but to do the hard slog or hire a BA to do it for you :p.

Congrats on looking for #2 :D
 
Propertunity said:
Ahhh, a man (I presume) after my own heart :)

You can do a keyword search on listings on domain.com.au but you have to engage the map seach first. (realestate.com.au is useless for this kind of searching)

Keywords like: granny, in-law accommodation, teenage retreat, studio, dual

BUT be warned, many of the bigger REAs do not like putting these words into their adverts so you have little choise but to do the hard slog or hire a BA to do it for you :p.

Congrats on looking for #2 :D
Click to expand...

Hey prob,

I am on the map search page but can't find the keyword search?

******* got it...Thanks Prop :)
 
Not a whole lot is there

Would be good if realestate.com had a similar feature. How else do you keep an eye out for these properties? Would love to get a place with a granny flat and rear lane access so I could put up a wall between house and granny flat as well as a seperate drive

Could always look on google earth then do some letter box drops I guess

Looking at a group of 4 or 5 suburbs next to each other that occasionaly do have the above mentioned property come up but I have only come across them by chance and havent been in a position to put in an offer
 
Lynchy said:
Would be good if realestate.com had a similar feature.
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Agreed

Lynchy said:
How else do you keep an eye out for these properties?
Click to expand...
Years and years and then some more years of buying them personally and for clients and building up lots of contacts in the process. I get regular calls from REAs now :)

Lynchy said:
Would love to get a place with a granny flat and rear lane access so I could put up a wall between house and granny flat as well as a seperate drive
Click to expand...
Ideal :D
 
Hi all,

Stupid question from a newbie. How much more rent can a granny flat fetch? Do you rent it out separately from the main house or does properties with granny flat always fetches a premium on rent?

Thanks.
 
tpw said:
How much more rent can a granny flat fetch?
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Usually in Sydney & the Central Coast where we buy them, $200pw - $250pw for the granny flat on its own. The house generally rents for a little less than it would if it were the only building on the block (maybe $20-30pw less?)

tpw said:
Do you rent it out separately from the main house or does properties with granny flat always fetches a premium on rent?
Click to expand...
We prefer to rent them separately because of the extra $200pw you get. That makes them cash flow positive most of the time.
 
Thanks for the response, Propertunity.

If the granny flat & main house is rented out separately, wouldn't there be problems with access, assuming that there's only a single driveway leading to both properties?

I've to admit that I've only been looking at apartments for investment so far, but would be happy to learn from you guys about investing in houses, etc.
 
Hey guys
What about property management on properties with granny flats - im led to believe that you would need to manage them yourself as a lot of PMs won't look at them due them generally not being council approved.
It's this that has me wondering whether this is the right move for me right now - give I dont have 2 secs to scratch myself.
thanks
kals
 
Propertunity said:
We prefer to rent them separately because of the extra $200pw you get. That makes them cash flow positive most of the time.
Click to expand...

I agree IF it's council approved. If not you could be opening yourself up for litigation if anything goes wrong. Insurance will wipe you if it's not approved. What happens if someone is injured?

That's why people rent them as one if not approved. Rent the house. If they put someone in it you aren't to know.
 
kals said:
Hey guys
What about property management on properties with granny flats - im led to believe that you would need to manage them yourself as a lot of PMs won't look at them due them generally not being council approved.
Click to expand...

Most of them are not council approved - correct. Most PMs will look after them for you - they get more fees. A very few will not want to look after them - just find the ones who will.

Tenant selection is a key here. You want the ones that will get along. i.e. no single guys or girls with loud music & parties in the granny flat. There are plenty of grannys, grandpas and 40+ year old divorcees that are ahppy to live quietly.
 
travelbug said:
I agree IF it's council approved.
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Most are not. But it is a risk/reward equation.

travelbug said:
If not you could be opening yourself up for litigation if anything goes wrong.
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Best to get granny flats that are separate from the house rather than an upstairs/downstairs situation - then you should have no issues.

travelbug said:
Insurance will wipe you if it's not approved.
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Not true in my experience - especially since these days you have to do full disclosure. I always disclose and have never been turned down to date after doing so. And I've had some claims (for storm damage) paid out.

travelbug said:
What happens if someone is injured?
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They should seek medical assistance from a hospital or doctor. If its really urgent call 000.:p

travelbug said:
That's why people rent them as one if not approved. Rent the house. If they put someone in it you aren't to know.
Click to expand...
That is certainly a lower risk option but also higher risk if as a LL you are not involved in tenant selection of the granny flat people.
 
tpw said:
Thanks for the response, Propertunity.
If the granny flat & main house is rented out separately, wouldn't there be problems with access, assuming that there's only a single driveway leading to both properties?
Click to expand...

Rear lane access is ideal.
Side access on a corner block is good.
Fenced off separate yards too.
 
Im going for the trifecta starting with a big corner block.


House with own double garage to the front.
Attached council approved flat with own garage and entrance.
New house built on back of block.

3 Incomes of one initial purchase :cool:
 
Propertunity said:
Not true in my experience - especially since these days you have to do full disclosure. I always disclose and have never been turned down to date after doing so. And I've had some claims (for storm damage) paid out.
Click to expand...

Could you PM me know the insurance company you use Propertunity?

Thanks.
 
What about electricity - i'm assuming most houses and g flats would be on the same meter. Does the owner usually pay this and include approximate electricity costs in the rents?
 
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