We’ve spoken to a team of experts and put together this helpful guide to renting out your backyard granny flat.
Personal and Short Term Renting
In most states, the regulations surrounding private renting can be quite rigid. A lot of homeowners and investors privately rent their granny flat to family and friends – this removes excess paperwork and achieves a comfortable, honest living environment for both the landlord and the tenants.
In addition to this, Airbnb is a well-regulated service for temporary lodging. Making an account is quick and easy. You can specify the exact conditions of the arrangement and even compare the price of your granny flat to similar accommodation in the area.
Granny flats are considered “secondary dwellings” as they are built in addition to the main structure. This means their regulation can be quite different to other rentals.
A two-bedroom granny flat can be rented at a similar price to a two-bedroom apartment. Due to soaring rental prices, the New South Wales Government has recently changed rent regulations to encourage more people to lease sections of their private homes and create space in the market. This is good news for investors and homeowners who wish to convert their granny flat into affordable rental housing. Modular granny flats are easy to install and construction can be approved in a matter of days.
Making Your Granny Flat Stand Out
Picking the right design for your granny flat is crucial to ensuring its popularity among potential tenants. Offering the property fully-furnished will also increase the value and appeal of your granny flat.
Our builders provide expert advice, working alongside you to create a dream addition to your home. The granny flat specialists at our showroom are available for consultations, helping you to impeccably plan your flat before construction. We can also take care of any regulation hurdles, meeting all council requirements and ensuring your granny flat is built to the highest standards.
Picking a Tenant
When renting a granny flat, selecting the right tenant is more important than ever. Ensure you get proof of employment along with personal references and follow them up – if you are using an agency ask them to check the applicant’s prior rental history. Meet your tenant and get to know them; honest and up-front communication will help to avoid any future misunderstandings. It is a good idea to get Landlord Insurance for your own peace of mind and to protect yourself from any damage costs.
Benefits of Renting Your Granny Flat
Building a granny flat and using wasted yard space as extra income can assist with the speedy repayment of your mortgage. Building brand new allows you to offset extra items on your tax and a granny flat is a great source of passive income. Home Plus One’s excellent Sydney and Newcastle builders will take the stress out of construction, allowing you to make a high-quality investment that will pay for itself.
To learn more about building and renting out a granny flat in Sydney, talk to the construction experts at Home Plus One. Contact us online or call 02 8626 6668.