PPOR + Granny Flat at Orange NSW

[lwright]

Hi Folks,
I'm thinking of buying a PPOR at Orange NSW. I'm tossing up whether to spend a bit more & get a large corner or rear access block & put a granny flat on the back to rent out. I could get a block of about 850sqm for another $25K vs a 650sq block. A good granny flat would be about $100K installed & would rent for about $200.

Love to hear people's thoughts.
Lee.

 

[WattleIdo]

Hi Iwright,

Here's what I think: No expert on granny flats but do know Orange.
1/ No shortage of accomodation in Orange so I'm thinking tenants would look for their own house where there's more room and privacy
2/ Orange has some ferals. That's who'd probably be looking for a granny flat
3/ What if you had problems with rent payments?
3/ Would be good if a family member lived there


Do you come from Orange or do you already live there?

 

[lwright]

Hi Iwright,

Here's what I think: No expert on granny flats but do know Orange.
1/ No shortage of accomodation in Orange so I'm thinking tenants would look for their own house where there's more room and privacy

Yeah I was thinking of fencing it off so they have their own space & driveway.

2/ Orange has some ferals. That's who'd probably be looking for a granny flat

3/ What if you had problems with rent payments?

I might still get an agent to handle it.

3/ Would be good if a family member lived there

Longer term that's a thought. My daughter might move in there.

Do you come from Orange or do you already live there?

I'm from Sydney but thinking of moving out there. Not sure if we can stand the cold though. What do you think of South Orange around Cecil Road? Is that an OK area?

 

[Tonibell]

At $200 per week it does not seem worth the effort.

You do lose some amenity / rent from the main house when you do the granny flat.

 

[WattleIdo]

Is that Cecil Rd in Warrendine? (Just had a look on a map).
Actually, don't know that part - sorry. I would imagine it's good - it's on the right side of the tracks. Others may have more info.

If the granny flat was for your daughter then it would be lovely. Just not sure whether they're as popular in the sticks as they are in Sydney.

You'll love the change from Sydney. And really it's not that far these days.

Summer is better in Orange. I would love a house there. I think it's beautiful and though it's not doing much now, still has a lot of potential.

 

[lwright]

Is that Cecil Rd in Warrendine? (Just had a look on a map).
Actually, don't know that part - sorry. I would imagine it's good - it's on the right side of the tracks. Others may have more info.

If the granny flat was for your daughter then it would be lovely. Just not sure whether they're as popular in the sticks as they are in Sydney.

You'll love the change from Sydney. And really it's not that far these days.

Summer is better in Orange. I would love a house there. I think it's beautiful and though it's not doing much now, still has a lot of potential.

Do you have a rental there? If so, what prompted you to choose Orange?

 

[RetireRich101]

why not investigate/invest in a dual occ approval instead of granny flat approval under NSW State's SEPP?

yes, it will take a bit longer and pain going through council

but the reward is you're not limited to 60m2 GF space.
especially on a corner block, if you build say 90m2 which has 3 bedrooms with a garage, costing 180k, but at the end it looks just like a house that can rent out just like a house, and not a granny flat.

 

[lwright]

why not investigate/invest in a dual occ approval instead of granny flat approval under NSW State's SEPP?

yes, it will take a bit longer and pain going through council

but the reward is you're not limited to 60m2 GF space.
especially on a corner block, if you build say 90m2 which has 3 bedrooms with a garage, costing 180k, but at the end it looks just like a house that can rent out just like a house, and not a granny flat.

Thanks RetireRich. Good point.