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Granny Flats
are comfortable, self contained homes for loved ones on the same site as the family home. They are becoming increasingly popular as a solution to the common dilemma of caring for aged or invalid relatives. As people’s needs change, a Hunter Valley Homes Granny Flat offers the security and reassurance of being close to caring family, whilst maintaining privacy and independence.
Dual Occupancy offers an ideal investment opportunity where you can build two homes on one block of land. You may want to live in one and either rent for additional income, or use it to house a family member where they can live close at hand but in their own privacy.
For example: You own your own home which is on a block of more than 450 sqm. You have room in the back yard and want to purchase a two bedroom dual occupancy home for $85,000. Yearly interest to a bank to fund the purchase at 8% per annum would cost you around $6,800 per annum. You rent the home out for $250 a week which would give you $13,000 per annum in rental income thus a positive cash flow result of $6,200. Recent changes to NSW legislation allow for council approval of a similar concept within approx 10 days.
*Above example is hypothetical only and we recommend you seek your own independant advice. Rental incomes are also a hypothetical determined on your ability to find a tenant.
For further information on dual occupancy council regulations and government policy, visit website www.planning.nsw.gov.au/affordablehousing
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