I bought a house in South west suburb of Sydney(Hammondville). It is corner block and land is 550 sqm.
I bought it for 550k. It will rent as it is for 550 per week. But if we put granny flat on it for 100k then the total rent will be 300+500 = 800 and our total spend will be 650.
But we are confused if spending 100k on granny flat will appreciate the property value by 650 or how valuer will look at this.
As it is sideyard and granny flat tenant will have separate access from the main house it will not affect privacy of both tenants.
I have attached the photo of the lot where we are planning to build the flat. It is the area which we not use.
Thanks in advance.
I bought it for 550k. It will rent as it is for 550 per week. But if we put granny flat on it for 100k then the total rent will be 300+500 = 800 and our total spend will be 650.
But we are confused if spending 100k on granny flat will appreciate the property value by 650 or how valuer will look at this.
As it is sideyard and granny flat tenant will have separate access from the main house it will not affect privacy of both tenants.
I have attached the photo of the lot where we are planning to build the flat. It is the area which we not use.
Thanks in advance.