With some simple additions, you can really boost your rental income on that granny flat investment property. If you are like most investors, you want to increase cash flow so you can continue to invest in more property. There are a few ways, we will focus on increasing your granny flat’s rental income, though you can obviously decrease expenses to help achieve this also!
Before getting started on any tips below, it’s worth talking to an expert. Your accountant, property manager or builder/tradesperson.
This one is simple, reduce vacancy time to increase your ROI. Understand your location and target prospects and long term tenants.
Off Street Parking
Sydney streets are cluttered with vehicles, offering your tenants off street parking for their granny flat can fetch up to $20 more a week.
Making your granny flat rental pet friendly can achieve an additional $20 a week and also appeal to a far greater number of tenants. Pet owners typically make better long term tenants, knowing the difficulty in finding granny flats which accept pets. (Always cover yourself for pet damage in your lease)
A person’s privacy is priceless, ensuring you have tall fences/hedges and separation from neighbours will attract more tenants, appealing low maintenance gardens can achieve this also.
Dishwashers and air conditioning can increase your rental income, tenants are willing to pay for these convenience and comfort items.
A well designed granny flat, despite the size constraints imposed by the SEPP can be achieved and deliver decent wardrobe, above and below bench storage. You can also provide linen space and a shed. Tenant’s love storage, happy tenants are better paying tenants!
These tips can vary in effectiveness, you need to consider the type of tenant you want to attract, location among other variables. You should talk to your local council in regards to erecting carports, removing trees etc. council approval may be required.
Happy Granny Flat Renting!