My Ugly Demountable Granny Flat Experiment
- Thread starter nhg
- Start date
nice! considering there are a number of GF in the area for rent.
your agent doing 5.5% management fees?
Yeah 5.5%.
This is very creative. Great work/cash flow.
Just throwing this question at anyone who has a g/flat in Syd West, do you think there will be an oversupply?? At the moment they are easy to rent, but will this change?
I am curious as I have one of these in Syd West, never an issue to rent, but now that everyone is jumping on the bandwagon will this change?? Thoughts
Just throwing this question at anyone who has a g/flat in Syd West, do you think there will be an oversupply?? At the moment they are easy to rent, but will this change?
I am curious as I have one of these in Syd West, never an issue to rent, but now that everyone is jumping on the bandwagon will this change?? Thoughts
Depends what you build. Everything rents for the right price. There will be an oversupply of those Property Secret granny flats. Steel sheds pushed up against the boundary of the main residence with little privacy/no backyard.
There are not that many of the good quality builds out there. IMO these will get good rent.
My GF have/will have their own backyards, privacy, storage sheds, etc. The new ones have good finishes and 2.7m high roofs. So they will be first to rent (I hope) and at a much higher rate.
I think it all depends on what you build.
I have two sites that are prime to have a GF. One is near a corner. Street frontage on one street, with enough room to put a carport next to the house. Driveway via a handlebar from another street. Done right it would just look like another house.
The second one is a corner block. Easy to fence off the back yard, and again would look like a house.
Of course I have other places, but they don't have enough access to make it look good, are on the wrong sort of block, or are earmarked to sell.
recently it's soft, so was 6-12 months ago. say 12months ago it was rented for $320, takes 0-1 weeks to get leased. Today it might be $310 taking 2-3 weeks. However there are a large group of say 4- 8 groups each inspection. You'll get applicants from 1-2 group you will automatically reject...
If your GF is new/recent build with good privacy, then there is a market for applicants that prefer GF over 2bed units, if you allow pets, and your time on market might be reduced.
Hi Navid,
I'm actually having trouble seeing the advantage here. You spent >$60,000 as an Owner-Builder, meaning you had to do all the work yourself, when for $10k more you could've owner-built a 'proper', attractive granny flat which will always revalue better and gets better rents?
I'm sorry but I just don't see the win here Navid. As you have discovered, banks have trouble with demountable buildings because you can easily move the structure again to another property. The approval by the way is a Section-68, not Section-64 as you stated in your OP.
As I have written many times, not many Sydney Council's allow granny flats under Section 68. Penrith and Blacktown are the only two I know of. Some country Councils will though!
Kudos to you for braving the process yourself, that's for sure.
Brazen.
I'm actually having trouble seeing the advantage here. You spent >$60,000 as an Owner-Builder, meaning you had to do all the work yourself, when for $10k more you could've owner-built a 'proper', attractive granny flat which will always revalue better and gets better rents?
I'm sorry but I just don't see the win here Navid. As you have discovered, banks have trouble with demountable buildings because you can easily move the structure again to another property. The approval by the way is a Section-68, not Section-64 as you stated in your OP.
As I have written many times, not many Sydney Council's allow granny flats under Section 68. Penrith and Blacktown are the only two I know of. Some country Councils will though!
Kudos to you for braving the process yourself, that's for sure.
Brazen.
1. I would not advise anyone to do this, in fact I have talked many people out of it.
2. All my new granny flats are nothing like this. There is a lot of history behind it, and the only benefit was I learnt a whole lot as NO body would touch it and they told me it was next to impossible.
3. The $60k includes council fees, and all the associated works including upgrading the power and putting all the cabling for both houses under ground. Where can you do all that for less than $60k?
4. I can't complain, the main house and granny flat pay for my rent and bills to live in a great place in Bondi Junction.
i applaud this kind of ingenuity - when you can tackle it yourself you don't end up paying through the nose for a D+C contract for something like a granny flat.
Well done and kudos.
Well done and kudos.
