Make Money With A Granny Flat In Your Back Yard

by Granny Flats on July 26, 2010

Make Money In Your Back Yard

If you are a homeowner in Sydney, you can make money on an asset you already have – your own back yard – by building an affordable granny flat. That’s right. The State Environmental Planning Policy has opened a door for anyone in a New South Wales residential zone to build and rent out a granny flat on their own property. The purpose of this policy is to create affordable rental housing throughout the state. In addition, homeowners who take advantage of this opportunity will reap the rewards. Making such a small investment in your property today can earn you extra money rather quickly and easily. The policy basically says that if you have a property of over 450 square metres then you can expect to easily get approval for a granny flat with floor space under 60 square metres.

Great Investment And Good Income

Make money with a granny flatYou may be asking yourself how you will make money if you have to invest in building a new structure. Here is a simple example. Let’s say your mortgage payment on your new granny flat is $100 per week. You can easily charge two to three times that amount for rent, depending on the area in which you live. If you were to charge $250 per week in this example, you would yield approximately $650 per month in extra income!

Even More Reasons For A Granny Flat

Most homeowners are choosing to use this profit to pay off their home mortgage more quickly, thus saving them years of payments and interest. Others are setting this money aside for education, retirement, or that special holiday they’ve always wanted to take. Furthermore, having a granny flat on your block will increase the value of your property, making it an extra asset should you decide to sell in the future. Furthermore, consider your own future uses. Your new space may come in handy as your family grows or can be turned into a guest house, a home office, a studio, or your own custom personal oasis.

Easy, Fast, and Inexpensive

While there are construction standards set in order to build your granny flat, it is a relatively easy, fast, and inexpensive process. Approval can generally take as little as ten days. Oftentimes, your contractor will take care of this for you, too. Once approved, most are constructed within a few weeks, including all of the important necessities and amenities to make this a stand-alone dwelling, including hot water systems and laundry.

Sooner Than You Might Imagine

Can you imagine an additional income of at least $650 every month? What would you do with this money? It’s quite an exciting thing to think about! Contact us today to get more information and learn how you can be on your way to a steady higher income fairly quickly with your new granny flat.

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