In a steady market, savvy operators can leverage clever strategies to make big bucks any time of year. This month we’ll showcase successful strategies we see used right here in Brisbane to turbo charge property profits.
First up, let’s take a look at granny flats.
Add a granny flat to the right property and “you essentially get two rental incomes for a lower outlay than buying two properties,” says Watt Realty CEO Justin Watt.
“At Keperra I’ve seen a renovated three-bedroom post war home rented for $430 per week and the detached granny flat on the same property rented for $340 per week.”
Given this granny flat cost about $80,000 that’s a huge return on investment.
The key is to pick the right property, says Justin. “Granny flats work well on corner allotments with lots of backyard space so you can add a separate driveway. Some people convert underneath their house to a granny flat but talk to your insurance company about legal height considerations.”
If your property satisfies certain criteria you may not even need council approval to add a granny flat. Check out the Brisbane City Council website for full details.
Want some help with your property strategy? Contact us for a chat.