As property prices soar and rental vacancies remain low on the Gold Coast, we’re seeing more people invest in granny flats as a way to capitalise on the lucrative real estate market. The growing demand for affordable housing and the flexibility of these secondary dwellings have made them an attractive choice for both homeowners and savvy investors.
Here at Moncasa Granny Flats, we’re passionate about helping people build functional, comfortable and aesthetically pleasing granny flats and understand the importance of good decision-making when investing in a granny flat on the Gold Coast.
Let’s look at the pros and cons of granny flats as an investment.
Pros
Additional income:
One of the most obvious advantages of building a granny flat for investment is the rental income. With the cost of living rising, investing in a granny flat offers great potential for additional income. Homeowners can generate a consistent cash flow by renting out the secondary dwelling. These additional funds can help to offset your mortgage and in many circumstances, it provides a great investment opportunity.
Increased property value:
By building a granny flat on your Gold Coast property you can significantly increase its value. Many buyers are looking to purchase homes with secondary dwellings, whether it be for ageing parents or as a space where teenagers can spread their wings and gain independence.
Versatility and flexibility:
Granny flats are versatile and can be utilised for a variety of purposes. At Moncasa Granny Flats, we offer three types of granny flats that can accommodate singles, couples, and small families and can even be rented as an office space or studio. Over time your needs may change and our adaptable granny flats can evolve with you. Additional modules can also be added to make up to 3 bedrooms making Moncasa Granny Flats flexible enough to adapt to your needs.
- Moncasa 1 (one-bedroom granny flat).
- Moncasa 2 (two-bedroom granny flat).
- Moncasa 3 (three-bedroom granny flat).
- Large granny flat (three bedroom, two bathroom).
Short construction time:
Granny flats can be built in a short amount of time, with the average build for Gold Coast granny flats by Moncasa being a mere 12 weeks! This means you can start leasing it out and earning an income sooner rather than later.
Generally, a granny flat can be built on a Queensland residential property without the need for a DA, providing the property:
- is zoned residential
- has a block size greater than 450m2
- it’s the only granny flat on the property
- it has separate unhindered pedestrian access
- the owner of the property and granny flat is the same
- it has a maximum living space of 80m2 (carports/verandahs and patios are additional to this 80m2).
Cons
Initial investment:
Of course, while there are many benefits to building a granny flat on your property as an investment, you will need to outlay money initially to build your granny flat. How much your granny flat will cost to build will depend on the size, the design and the features.
The cost of our Gold Coast granny flats:
Moncasa 1: $199,300.
Moncasa 2: $219,500.
Moncasa 3: $249,600.
Large Granny Flat: $350,000.
These prices are turnkey, with the homes ready to move into without any further expenditure. The prices include air-conditioning and a dishwasher as standard, as well as all council paperwork. The only additional expense is site work. Site work includes soil tests to ensure that appropriate foundations are used, bringing or extending utility services to the site, driveways, paths and any landscaping. If the site is steep or uneven, additional foundation expenses may be incurred.
For site inspections, you should contact your local Council for any explicit requirements that may apply to your particular property. However, for a $490 site feasibility fee (refundable), Moncasa will carry out a detailed analysis of your site to determine the optimum position for your granny flat.
Ongoing maintenance:
Similar to any investment property, granny flats will require constant maintenance and upkeep to ensure it retains its value and your tenants are safe and comfortable. When you work with Moncasa it’s reassuring to know that our granny flats are made right here on the Gold Coast and are built to last to help ensure upkeep is kept to a minimum.
At Moncasa Granny Flats, sustainability is a top priority, and our designs focus on reducing electricity consumption. We only use high-quality building materials, including full steel frame construction, instead of cheap, potentially carcinogenic products.
Granny flats on the Gold Coast
Whether you’re looking for a 1-bedroom, 2-bedroom or 3-bedroom granny flat, or our luxurious large 3 bedroom, 2 bathroom granny flat, the team at Moncasa is here to help. We’ll guide you through the process and create a seamless experience from the initial planning stages to project completion.
While there is an initial outlay and ongoing maintenance costs, a granny flat allows you to unlock additional income, increase the value of your property and take advantage of flexible living options.
Moncasa Granny flats also collaborates with carefully selected Real Estate property managers to assist you in choosing the right size and style of Moncasa granny flat, ensuring that you have the best possible tenants to safely lease your Moncasa investment dwelling.
If you’re interested in exploring our granny flats as an investment opportunity, contact us today. Our team is here to help you make the right decision and turn your vision into reality.