Granny Flats Central Coast

[Nino]

Hi,

I am looking to buy an investment property in central coast.

I want a 600squ block 3 bedroom house with potential to build a granny flat in back.

I have a few questions to ask that if anyone has done this in central coast area can share please.

-is the granny flat popular among tenants in this area? Of course if iI constructed the granny flat properly being a separet dwelling with fenced off own yard space and own driveway.

-how much roughly people have paid for contribution fees and other fees council related.

-Do you need a DA approval to build a Granny Flat?

-Depending on suburbs, but how much weekly rent do poplel get from Granny flats across central coast. This being a brand new GF with own yard.

Any other information would be greatly appreciated.

 

[RetireRich101]

I would think a $300-320 /wk for GF would be achievable.

The S94 contribution is about $8500

You can go private certifier for the approval, meaning you don't need to go through council.

However from the date you submitting plans to certifier and start build date, would probably be 3-4wks minimum ( you need to give neighbour s 2 week written notes plus minimum 10 days certifier approval)

Hope this helps.

 

[BuildingBlocks]

I would think a $300-320 /wk for GF

I would think less.

$300-320 gets you a house in some areas of the central coast.

 

[Propertunity]

I am looking to buy an investment property in central coast. I want a 600squ block 3 bedroom house with potential to build a granny flat in back.

Yeah, me too . We almost always have clients on the lookout for this style of property.

-is the granny flat popular among tenants in this area?

granny flats are always popular with tenants as their alternative is a unit in a block somewhere. The issue is that the house tenants are harder to find as not all want a granny flat in their backyard. But fencing and separate access can go a long way to mitigate this.

-Do you need a DA approval to build a Granny Flat?

Not is it can be done as a complying development, which means no bushfire/flood notation on the 149 certificate. It needs to comply with: http://www.legislation.nsw.gov.au/fragview/inforce/epi+364+2009+sch.1+0+N?tocnav=y

-Depending on suburbs, but how much weekly rent do poplel get from Granny flats across central coast. This being a brand new GF with own yard.

Depending on the suburb, anywhere from $225 - 330pw

Any other information would be greatly appreciated.

1. Over 450m2 (according to the legislation) but the reality is that you need 550+m2 to get decent separation.
2. With 12m or more frontage or ?at the building line? (as in the case of a block with a narrow frontage in a cul-de-sac).
3. Sloping to the street for stormwater run-off from the granny flat roof, or if not sloping to the street, then a stormwater easement at the rear that you can tap into.
4. NOT in a flood affected or declared bushfire prone areas or encumbered with a possible aboriginal cultural connection ? check the 149 Certificate. (These areas can be built on BUT will require a full DA process, taking a minimum of 6 weeks, rather than the promised 10 day Private Certifier approval).
5. Check position of sewer and drainage easements to make sure they are clear of where granny flat would be constructed .
6. Zoned as suitable for a complying development.
7. Max size of granny flat to be built in NSW is 60m2 (e.g. 6m x 10m).
8. Privacy for house tenant / granny flat tenant. Separate side access? Rear lane access?

 

[RetireRich101]

I would think less.

$300-320 gets you a house in some areas of the central coast.

Central Coast is a big area to cover.
Close to good beaches, like Woy Woy you might get those rent

$350 2bed new
http://www.realestate.com.au/property-house-nsw-woy+woy-413060055

even some 1 Bed not new advertising close to $300
http://www.realestate.com.au/property-flat-nsw-woy+woy-410973315

But yes up Lake Haven/Gorokan it will be lower.

 

[Davothegreat]

If it helps at all (different market I know), the IP that I just bought 10 min south of Wollongong has the house renting for 355 (4/2/1) and the GF (1/1) rents for 200. The GF is 9 years old. Can't offer any information prior to the current tenancy ledgers as we're settling tomorrow!

I'd imagine the CC would have a similar rental price difference between the dwellings.

I'm also in the market for another place like this on the CC but I want the GF to already eixst (AND be Council approved - there is so much dodgy rubbish out there!). I found when I bought the IP above there was not all that much difference in price between it and other comparables with an existing GF compared to others with "potential to build a GF", meaning it would have cost a lot more to buy a "potential" place and then build a GF as opposed to buying a place with one existing.

Cheers,
Dave

 

[Nino]

Thanks for all the replies, good information.
It's most likely better to buy in Gosford suburbs over Wyong as there is more positives such as commute to Sydney and contribution fees and better rents for Granny Flats.
Woy Woy might have good rent for GF but is out of my budget unfortunately.

 

[RetireRich101]

Thanks for all the replies, good information.
It's most likely better to buy in Gosford suburbs over Wyong as there is more positives such as commute to Sydney and contribution fees and better rents for Granny Flats.
Woy Woy might have good rent for GF but is out of my budget unfortunately.

i thought Gosford is more expensive than Woy Woy, no?

 

[Propertunity]

i thought Gosford is more expensive than Woy Woy, no?

No, it used to be, but not anymore. For the last 4 years, since 2009, Woy Woy's median house price has exceeded that of Gosford.

 

[RetireRich101]

No, it used to be, but not anymore. For the last 4 years, since 2009, Woy Woy's median house price has exceeded that of Gosford.

oh that I didn't know. it's probably a chose between close to bigger town or the beach, though there are a number properties in WW sitting a dual street access potential for cabin/granny flat which you don't need to reduce rent...