If you are into real estate property investing, then you probably know that there is a looming expansion for the market of granny flats. When looking for the best flats to invest, the location is very critical if you want high returns to your investment. In downtown metropolis where there is massive housing density, opportunities for granny flats are usually limited. However, the returns could still be decent when you invest in the suburbs. Generally speaking, wherever you may be in the country, proximity to infrastructure as well as amenities will definitely attract big spending tenants which will translate into greater earnings for you.
The closer you will be to transport hubs, schools and shopping centers; you will find that the demand for granny flats will be greater. Most people today will pay more for the convenience of the location. If your property on the other hand is located away from public transport system, you may want to provide ample parking space for cars and other automobiles. Another great position is near colleges and universities where you will attract lot student renters.
Investing in properties
If you are scouting the market with the intention of buying an investment property that can potentially be transformed into a granny flat rather than build one from scratch on your existing property then that investment is in an entirely different wheel. You will need to take into consideration the return and cost of both properties rather than just the flat alone.
Adding a property for rent
If you are planning to construct a granny flats Perth in an investment property which already has tenants, the situation will certainly give you some headaches. Foremost, you will need to give the tenants who are in the property a notice of your actions and you should understand in case they decide to move out. A family of five that is renting in a three-bedroom house with a very huge yard will probably not want to share the space with strangers. The value that is added by the granny flat at times will also be offset by the value lost on the primary dwellers.