There are dozens of loan packages available, so it could be useful to seek advice from a broker about the best strategy, lowest rates and easiest terms, she says.For example, a ,000, 20-year reverse mortgage loan at 6.6 per cent is likely to cost about 4,000, according to Canstar, a company that provides financial information.Information about eligibility and restrictions is available online from its planning and environment department.
This will give you “the most bang for your buck” says Dino Talic, vice-president of au, a website for hiring home improvement professions. Home owners shopping for a granny flat need to ask: “How sturdy are they?
Will they pass the test of time.” They also need to consider the access needed to deliver materials.
“Those thinking that a granny flat will increase the value of their home should think again,” says Paul Nugent, a director of buyers’ advocacy Wakelin Property Advisory. “Most people would prefer to have their backyard left alone and many granny flats end up as storage rooms for old exercise bicycles and rowing machines.” Other commentators believe granny flats are here to stay as working couples enlist the support of their parents to help raise their children, middle-aged parents create an autonomous space for teenagers, and empty nesters use them for rental income.
“A well-constructed and attractive granny flat can definitely add value to the overall property,” says Tony Velardi, a builder who specialises in granny-flat construction.
Granny flats may be rented out in Western Australia, the Northern Territory, Tasmania and ACT, but cannot be offered as rental apartments in Queensland, Victoria and South Australia.