How to find houses with granny flats?
- Thread starter mumbai
- Start date
A buyers agent is a reliable way
ta
rolf
ta
rolf
Why pay more commission with a buyers agent?
Use www.domain.com.au and use their keyword function. Type in "granny flat" and you are up and away......that is what I did and it helped me get a house with a granny flat in Frankston, Vic.
Use www.domain.com.au and use their keyword function. Type in "granny flat" and you are up and away......that is what I did and it helped me get a house with a granny flat in Frankston, Vic.
BAs do more than just "find" things. But I won't hijack the thread.
www.realestate.com.au has a similar keyword search function.
As if. Sit back, type "granny flat" into a property engine, email client some links, that will be $9900 please KER CHING!
No driving/inspecting/networking/haggling/fact finding/research required for that!
Yes, land size is searchable too BUT a word of caution, if the agent uploading the advert does not fill in the land size data, your search will turn up less results than there are listings with the land size you're after.
Wouldn't that search also turn up all the dodgy places with "granny flat" in the listing that may not be legal?
I'm guessing a buyers' agent would know what to look for to weed out the wheat from the chaff.
Why buy someone else's profit? Just build one yourself?
Regards
Shahin
Regards
Shahin
With the average rtn of 70 % on build cost on revised val, its more like buying up someone else's tears : )
yes we get a few that come in at a 100 % and more of build cost, but damn rare in the normal granny belt
ta
rolf
That is referring to valuation and its highly dependent on the area.
I am referring to the cashflow.
Regards
Shahin
I am referring to the cashflow.
Regards
Shahin
Thanks wylie - I think it becomes an issue much like how they train bank employees to find counterfeit notes. They don't teach them all the different conterfeiting techniques or what to look out for. They train them what a genuine note looks like with all its features and then everything that does not match that is easy to pick out.
Yes, but usually the words "granny flat" are not preceeded by the words "council approved".
When they are approved, the REAs make a big deal out of stating "approved granny flat" in their advertising. If it is unapproved they tend to refer to:
teenage retreat
garden studio
in-law accommodation
kitchenette
etc - thinly veiled attemps to alert investors who 'know' what they mean.
Is this a recognition of the down side of granny flats and that they will potentially only appeal to investor type buyers (rather than home buyers) in a secondary market?
I see the enthusiasm for GF's somewhat misplaced by some that are keenly following this strategy. Sure it dramatically increases the cashflow from the one property but you need to be aware that these properties will have less appeal in the general RE market and as such you may not get the CG that they hope for.
Cheers
A BA generally charges a fee for service, rather than a commission.
That makes the BA an agent for the BUYER not an agent for the seller, hence the name Buyers Agent.
The REA can sell the property they have access to for a commission.
A good BA will earn a fee for service to match a property to a clients specific need.
I agree that most people dont see the value of a buyers agent, to some extent thats because of one of the following
a) they are truly capable of finding and negotiating for their own stock, they are true DIY.
b) They are in Pixie land and assess they are good at the task required, but possibly arent.
c) They are vehemently against any form of fee for service or commission based service since their life experience is that this always means they lose out.
d) They are cost vs value driven to the extent that immediate cost than value affects many parts of their life.
ta
rolf
I think the current hole comes from a lack of directly comparable stock, not unlike one bed appts pre 2000.
Once the product becomes a bit more common, then valuers wont need to actually work as hard to find some decent comps. The valuations Im seeing in general, are rubbish where comps are used that arent, for egapproved vs non approved etc
ta
rolf
Granny Flat valuation
Hiya
My last valuation was with CBA a house with an approved granny flat in Greystanes (near Parramatta) ...i took pains to track down the valuer to inform her of houses with granny flats in the area...she said no worries..plenty of comparables
so i think it is definitely area dependant....
BTW i was happy with the valuation...
Hiya
My last valuation was with CBA a house with an approved granny flat in Greystanes (near Parramatta) ...i took pains to track down the valuer to inform her of houses with granny flats in the area...she said no worries..plenty of comparables
so i think it is definitely area dependant....
BTW i was happy with the valuation...
For your dependant relative?
Hi Raj
I don't have much to add that hasn't already been said but you do need to be aware that the job is made much easier by knowing the basic requirements for a g/f build- it's not all about land size, but land shape, no. of easements, slope/fall of land for drainage, significant trees on site, current building restrictions, access to rear/side of potential site, parking etc. I would suggest you visit Brazen's site for his excellent summary guide of what to look for.
http://www.grannyflatapprovals.com.au/approval-guide/
Approved g/flats are as rare as hens teeth and are competitively priced. Due the nature of the trend being a recent one you will find very few (if any) complete projects for sale that are competitively priced. Valuations will also hold vendors back from selling for a good few years yet, as Rolf has alluded to. You may also want to consider finding a house with a suitable garage for a conversion to save you some $$$ but, again, ensure you have a g/flat assessor look at and advise you before going ahead with any sale. Best of luck!
PS: Dave, I take it your comment was tongue in cheek surely for I'm sure you know how much physical work is involved in locating suitable sites! One client I had took almost 4 mths to locate something with a fully approved g/flat in place, and this was after over some 180+ enquiries and 156 time-sheeted hours. He's very happy with his 7.7% return however and never has to worry about council knocking on his door, as all was legally done
I don't have much to add that hasn't already been said but you do need to be aware that the job is made much easier by knowing the basic requirements for a g/f build- it's not all about land size, but land shape, no. of easements, slope/fall of land for drainage, significant trees on site, current building restrictions, access to rear/side of potential site, parking etc. I would suggest you visit Brazen's site for his excellent summary guide of what to look for.
http://www.grannyflatapprovals.com.au/approval-guide/
Approved g/flats are as rare as hens teeth and are competitively priced. Due the nature of the trend being a recent one you will find very few (if any) complete projects for sale that are competitively priced. Valuations will also hold vendors back from selling for a good few years yet, as Rolf has alluded to. You may also want to consider finding a house with a suitable garage for a conversion to save you some $$$ but, again, ensure you have a g/flat assessor look at and advise you before going ahead with any sale. Best of luck!
PS: Dave, I take it your comment was tongue in cheek surely
for I'm sure you know how much physical work is involved in locating suitable sites! One client I had took almost 4 mths to locate something with a fully approved g/flat in place, and this was after over some 180+ enquiries and 156 time-sheeted hours. He's very happy with his 7.7% return however and never has to worry about council knocking on his door, as all was legally done PS: Dave, I take it your comment was tongue in cheek surely
Never, all my comments are deadly serious and cannot be mixed with tongues, cheeks or sarcasm pills.
No offence Dave but that's almost the most trollish thing Ive ever read from you - and you do troll a bit Sir.
Buyer's Agents do a heck of a lot of work for their clients. In my experience, whatever you pay a BA, they will more than save you in the purchase. This is not to mention the time-savings and great advice they provide.
Like any industry of course, it pays to get a bloody good one.
Anyway...sheesh Dave.lol. Tell us what do you do for a living so we can have some fun please? <hands out the peanuts>.
