When the housing market continues to shift, so do home buyers' and investors' approaches to maximising value out of their property. Nationally we are seeing a demand in second dwellings and granny flats to cater for investors looking to increase the long and short-term value of their property and also cater for families looking to accommodate older children or grandparents.
Regardless of the motivation, if your land has the potential for a second dwelling or granny flat, it is worth exploring your options.
The first thing you'll need to do is check with your local council about zoning and planning regulations. There may be restrictions on how big or tall your secondary dwelling can be, or what materials you can use. Make sure you're aware of these restrictions before you start planning and designing your new space.
If you are looking to start your journey in building your real estate portfolio, a secondary dwelling is a low-risk endeavour compared to financing a secondary house and land package. A $100,000 - $150,000 investment may be the small yet significant step for you to start your investment portfolio whilst taking a low-risk investment whilst creating an instant revenue stream.
One of the significant benefits of a secondary dwelling is that they come with both short- and long-term financial opportunities.
The short-term benefits are financial gains received from renting out your second dwelling or granny flat. Creating a passive revenue stream is a fantastic opportunity to reduce your mortgage or create income through your property.
The long-term benefits are the increase of the value of your property. When it’s time to sell you now have increased the attraction for potential buyers as your property has potential for income.
Integrity New Homes has just released five new secondary dwelling standard designs on our website to cater for this need. All our standard designs are customisable and these five new standards range in size and function to help buyers make a decision on what sized secondary dwelling is right for their property.
Our new range aims to cover all the needs for a second dwelling. From single room/studio-style apartments through to four-bedroom micro-home, INH has a second dwelling sized and priced for any need.
By creating smart layouts, we try and make a big feel home for a fraction of the price. We aim to include all the essentials in a current new home whilst knowing that you, the client are looking to make this investment as profitable as possible.
For a lot of property owners in Parkes, Forbes and the surrounding area, there is an opportunity to capitalise on creating a secondary dwelling or granny flat and increase the value of your property.
If you are interested in building a secondary dwelling, please contact us by clicking here.
Below are links to the standard designs we have just released.