I was reading an article today about Granny Flats and how speeding approval time would free up > 650,000 possible sites ” a significant number.
In NSW and appears QLD you don’t need council approval ” just need the build certified once complete. If you don’t of course ” you cant get insurance or an issue happen and you cant claim.
The article from CoreLogic was saying that granny flats are a lower cost and efficient way to get more rental accommodation. They identified 242,000 properties suitable for granny flats in Sydney, 230,000 in Melbourne and 185,000 in Brisbane.
Note – speaking with a local insurance broker ” you must be certified and please get both landlord insurance as well as home build and public liability. These are all tax deductible (of course) as the granny flat is deemed an investment= whether the loan is secured by your home or not. Other states look like more formal approval but also dependent on local councils.
Quote Of The Week”Granny flat developments leverage existing lot areas and require no changes to town planning regulation, so they offer a level of immediacy to address housing shortages and affordability pressures.”
CoreLogic research director, Tim Lawless
For more information or to discuss your own borrowing power, reach out for your free, no-obligation chat.
#simplerefinance #mortgagebrokers #developmentfinance #propertyinvestors #constructionloans