The Advantages of Granny Flats in Campbelltown
Posted by Carina Michael on May 23rd, 2024
Your home is the crowning achievement of your career efforts and is the most valuable resource you have at your disposal. Your property is the asset most likely to keep its value intact over time, and for this reason, it is your golden ticket in case of adverse market developments. However, every good story must have an end, and for your property, this finale can be brought about by the expansion of your family's requirements. Your children are now grown up and need more privacy? Have your professional aspirations increased, and would you like the benefit of a private office? If so, you will need more square footage. However, this can be problematic.
Although the Australian housing market is developing at a neck-breaking pace, the consequence of this real estate acceleration is the ever-increasing price tag of listed properties. Need extra space? If that's the case, the difference between your home and one that's 20% larger could be represented by 0-400,000, well beyond your budget. Are you based near Sydney and want to spend no more than 0-200,000? If that's the case, an excellent option would be to look at granny flats in Campbelltown.
What Exactly Are They?
Granny flats, also known as accessory dwelling units, are self-contained living spaces that, under Australian law, must be located on the same lot as your existing family home. As the name implies, ADUs are secondary dwelling properties that can be used both to provide you with the extra space you need and to cover your growing monthly rates. Originally, backyard cottages served as separate buildings from the primary family homes in which elderly relatives lived. With time, the role of ADUs has expanded, but the housing of elderly parents or visiting relatives remains one of the primary reasons why you should invest in one.
Given the increasing costs of private elderly care facilities and the need for strong family structures in raising children, backyard cottages have, in recent years, been transformed into an increasingly affordable solution for families wishing to keep close relatives nearby. ADUs allow you to be close to your elderly parents in case of emergencies, and they, in turn, can enjoy retirement in a private environment where they can see their grandchildren whenever they wish. Plus, the multigenerational living arrangement offered by granny flats in Campbelltown can be a favourable financial solution, as your parents could chip in on bills or other monthly expenses.
What Are the Characteristics of ADUs?
In NSW, ADUs designed and constructed by granny flat builders do not need council approval, as the procedures were simplified with the adoption of the Affordable Rental Housing Environmental Planning Policy in July 2019. However, although the methods are straightforward, in order for construction to commence, the granny flat builders in Campbelltown who deal with your case will have to meet a set of minimum site requirements. In Australia, whether we are talking about Sydney, Canberra, or Melbourne, backyard cottages can only be built adjacent to a primary dwelling. They must, therefore, be located on the same plot of land.
Your property must have a minimum square footage of 450 square metres, while the granny flat itself cannot have an internal size of more than 60 square metres. The ADU will have to be self-contained, and if rented out, it will have to include the necessary appliances for independent living. This will entail a connection to the local electricity grid and the existence of functional water lines and plumbing. Plus, the ADU will need to maintain a three-meter setback from all trees taller than six meters and not exceed eight and a half meters in height.
Why Go for Granny Flat Builders in Campbelltown?
The experts you call will be up to date with the regulations active in the local area and will personally take care of the paperwork required to begin the construction of the granny flat. The services of granny flat builders can be essential for the development of the ADU to be carried out efficiently and within the budget margins you have set. Is it worth going for a granny flat? Almost definitely. Campbelltown is one of four existing townships in Sydney's metropolitan area, and the real estate market here has been growing at a dizzying pace in recent years.
The market value of homes listed in Campbelltown is approaching 0,000, an increase of nearly 8.5% over the same period in 2023. These increases in real-estate prices are due to the growing demand for affordable housing and the influx of people focusing their attention on rentals available in Sydney's suburbs. Do you want to turn a profit? Then, a granny flat built here could be rented out for short-term rentals on platforms like Airbnb or act as a long-term unit that you can rent for at least 45 weeks per year.
The Best Option for Positive Financial Perspectives
Backyard cottages are the best way to invest in the ever-growing real-estate market of our county for a fraction of the cost of acquiring a new dwelling. ADUs, when constructed by professional builders, can be completed for less than 0-200,000, and they will add a minimum of 30% of the resale value of your household. Was your home worth .4 million before the ADU was built? If that's the case, after the finalisation of the granny flat, the real estate appraisal of your property will most likely skyrocket to around 1.8 million dollars, which will result in an ROI of no less than 200%.
Granny flats are buildings that you can rent for passive income. They are a fantastic way to make your property more attractive to potential buyers, and they are the most cost-effective method to increase the square footage of your dwelling. Are they the solution to the growing real estate shortage affecting Australian cities? Perhaps not completely. But ADUs help. They are fantastic additions to in-demand neighbourhoods, they have a positive effect on local communities, and for many Australian families, they represent a secure financial investment that is sure to bring an immediate profit.
This article appeared first on https://www.newsstoryarticles.com/.
