An upcoming granny flat build thread

[neK]

thought the desktop val should come a little higher considering its nearly 2 years since your purchase?

Interested to know what the full val comes in at.

are there enough granny flat properties sold in last 6 months that can be used for comparison? Probably best to study up on them, and provide them to bank valuer...

Its because there aren't any comparables for valuers to use. It seems that all the houses with granny flats are actually "can be used as a granny flat STCA" meaning they are unapproved dodgy garage conversions.

As for the legitimate ones, devank sums it up nicely as to why they don't exist on the selling market.

 

[menty]

Full valuation came back at 630K.
Comparables without the granny flat about 550K-560K

 

[menty]

Update:
Valuation 9/2013: 630K
Valuation 8/2014: 730K

So market forces have driven up the property 100K in one year
Comparables without granny flat approx 650K-670K. This would put the value of the gf somewhere between 60-80K.

Pretty difficult to find comparables still, but was valued as a 5BR home rather than detached 3+2 BR.

 

[nhg]

Update:
Valuation 9/2013: 630K
Valuation 8/2014: 730K

So market forces have driven up the property 100K in one year
Comparables without granny flat approx 650K-670K. This would put the value of the gf somewhere between 60-80K.

Pretty difficult to find comparables still, but was valued as a 5BR home rather than detached 3+2 BR.

Granny flats are valued at around 80% of build cost.

 

[brazen]

Granny flats are valued at around 80% of build cost.

I've seen Granny Flats valued between 70% to 150% of the build price.

The valuation depends on a variety of factors including:
- Area (suburb). Generally, the more units in the area, the better
- Materials & Build Quality, more if on slab, less on piers
- Privacy and Separation, distance between dwellings, access and landscaping etc.
- Who is doing the valuation, e.g. NAB go well.
- Comparable sales in the area

e.g.
A granny flat I did in Hunters Hill saw a revalue at just under200% because of the demand for housing in the very exclusive suburb, so it all depends on many factors. As granny flats have gained in popularity and comparable numbers rise, the valuations have increased. In 2009 you were lucky to get 60%. Now it's much easier to get 100% or more.