Hiya
So, i am cooling off for a recent purchase on a house with a granny flat. Yields are okay,
not that fantastic (530 pw on a 385K house).
That set me thinking.....(hubby hates that whenever it happens, as it means i am on another scarry brainwave that will force him out of his comfort zone)
How about i put in a granny flat on my own block?
Then i went about calculating the yields and i received a shock!!
Estimated rent (i called real estate agent): 250 per week (1 bedroom, 1 study)
Costs (approximate) : $70,000
Yield : 18.6% (unbelievable)
Questions:
1) SOMEBODY please correct me : is there a catch??
2) will this devalue my own house? (i'm on a 990 sqm block...in the Hills District)
3) anyone has done it ie put a granny flat on their own PPOR and rented it? any major privacy issues? any other concerns? (i've got 3 young kids)
Thanks!
So, i am cooling off for a recent purchase on a house with a granny flat. Yields are okay,
not that fantastic (530 pw on a 385K house).
That set me thinking.....(hubby hates that whenever it happens, as it means i am on another scarry brainwave that will force him out of his comfort zone)
How about i put in a granny flat on my own block?
Then i went about calculating the yields and i received a shock!!
Estimated rent (i called real estate agent): 250 per week (1 bedroom, 1 study)
Costs (approximate) : $70,000
Yield : 18.6% (unbelievable)
Questions:
1) SOMEBODY please correct me : is there a catch??
2) will this devalue my own house? (i'm on a 990 sqm block...in the Hills District)
3) anyone has done it ie put a granny flat on their own PPOR and rented it? any major privacy issues? any other concerns? (i've got 3 young kids)
Thanks!