Granny flats in Sydney have become a new dwelling mantra for the first home buyers and investors in order to reduce outlays. The government has also begun to approve them at far higher rates. The figures show a leap of over 75% in approval rates last year, says Stephen Nicholls for the Sydney Morning Herald.
Quick approvals providing the kick
The law was changed 4 years ago, and 10-day approvals were meted out in order to facilitate development of secondary suites. The central idea was to create housing for a reasonable rate. Since last year, the granny flats have received the needed kick, and today, they are also revamping their style statements to exude more class.
They are no more only utilitarian
This is a departure from the earlier practice of keeping the granny flats utilitarian. Today, renovators are also looking to throw a subtle glamour quotient in them. It can be a great succor for those homeowners who are willing to extend their homes or grannies who are looking for low-price housing alternatives post-retirement. Already, incentives are in place and talk is ripe about certain Buyer Grants for granny flats.
Local council criteria
The Local council fee cannot be ignored but the houses are still a lot more affordable, despite the extra cost. Local councils have set two criteria for secondary suites:
- Granny flats are only allowed for those homes that have space in excess of 450 square meters.
- All housing should not exceed more than 60% of land available.
You can read the whole article here.
Is the Granny flat Strategy for you?
While the idea of granny flats is a nice one in my belief, there are hurdles in the way to be tackled. As a first, the government is very vague about the factory-built prefab granny suites. Do they also qualify for the first home buyers’ grants or do they not? There has to be a definite law on this.
If you are considering an out of the box granny flat; perhaps an extension on your existing home will be easier to approve and increase the value of your home far more dramatically. Feel free to contact me for an obligation free discussion.
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