Western Australia is overhauling regulations concerning the construction of granny flats in suburban backyards, responding to a severe housing crisis marked by a scarcity of available properties and soaring rental prices.
The state aims to address urban density issues, curb urban sprawl, and bolster housing availability in a city facing the lowest vacancy rate among state capitals. The revised Residential Design Codes (R-Codes) will eliminate minimum lot size requirements for building ancillary dwellings, commonly referred to as granny flats.
These changes are anticipated to enhance the housing supply significantly. Under the new regulations, constructing these additional dwellings will no longer necessitate council planning approval and can be implemented on properties of any size.
However, the structures must adhere to setback regulations and stay within a maximum area of 70 square meters. WA Planning Minister John Carey emphasised that these reforms align with the Roger Cook Government’s substantial $2.6 billion investment in housing and homelessness initiatives, including plans to develop 4,000 new social homes.
What are the benefits of financing a granny flat?
Before exploring the financing process for a granny flat, it’s vital to comprehend the core benefits and considerations of this investment. Financing a granny flat is more than just increasing living area; it’s a strategic investment that can bring several advantages, including:
Value addition: Adding a granny flat can significantly increase your property’s market value, providing an excellent return on investment should you decide to sell in the future. This enhancement in value is due to the added utility and appeal to potential buyers looking for versatile properties.
Rental income: Renting out the granny flat can become a steady source of income, helping to cover mortgage payments or acting as additional financial security. This income can be particularly valuable in times of economic uncertainty, offering a buffer that can make all the difference.
Versatility: A granny flat can serve multiple purposes over time, accommodating family members or functioning as a home office, thus offering flexibility as your needs evolve. This adaptability makes it a smart choice for those looking to future-proof their property.
Cost-effectiveness: Compared to the costs associated with purchasing a new home or undertaking major renovations, building a granny flat is a relatively affordable way to add functional space to your existing property. It’s a practical solution for expanding living space without the hefty price tag.
Sustainability: Modern granny flats are designed with sustainability in mind, incorporating energy-efficient appliances and systems that can lead to significant long-term savings on utility bills. These green features not only reduce your carbon footprint but also enhance the property’s appeal to environmentally conscious buyers or renters.
Privacy and proximity: Constructing a granny flat offers the ideal mix of privacy and proximity for housing extended family or renters. It enables independent living spaces while ensuring loved ones or tenants are within reach, providing peace of mind and convenience for both parties.
Streamlined process: With the right financing partner, the process of funding your granny flat project can be straightforward and efficient, eliminating unnecessary stress and allowing you to concentrate on the creative aspects of the project. This streamlined approach ensures that your vision for the granny flat comes to fruition with minimal hassle.
Why opt for Finance 48?
Investing in a granny flat not only meets your immediate space needs but also serves as a smart investment for the future. In considering your financing options, it’s crucial to partner with a provider that understands the unique challenges and opportunities this type of project presents.
Tailored finance solutions with Finance 48
At Finance 48, we specialise in providing fast and affordable finance solutions, not just for vehicles and equipment, but crucially, for your home improvement projects such as granny flat constructions as well. With access to over 50 national lenders and thousands of finance products, we’re equipped to offer you a personalised finance solution that best fits your needs and circumstances.
Expert advice and support
Our team of home improvement finance experts in Perth is ready to guide you through the granny flat financing process, providing clarity and support from start to finish. We pride ourselves on understanding your financial requirements and crafting an optimal solution, ensuring that you’re well-informed and comfortable with your finance choice.
Commitment to our clients
At Finance 48, you’re more than just a transaction. We value our clients and are dedicated to providing a unique, personalised, and professional service. This dedication is evident in our remarkable statistic of 89% of business coming from repeat or referred sources. Our client-focused approach means you’ll receive real and professional finance advice tailored to your specific situation.
Efficiency and speed
Our namesake, the “48” in Finance 48, represents the benchmark we strive for in processing vehicle and equipment finance aiming to complete the process from initial consultation to settlement within 48 hours. While external factors can affect this timeline, our commitment to efficiency ensures we always strive to achieve this benchmark for our clients.
Proven track record
After Finance 48 began its journey in 2006, we have since expanded our services to include home loans due to client demand. Our experience and success are reflected in our satisfied clients and positive Google reviews 100+ and counting. Our vision to be the best in finance and mortgage broking is backed by our transparent and speedy service delivery, earning us a high rate of repeat and referred business.
Ongoing support
We don’t just stop once your loan is secured; we check in on you throughout the life of your loan to ensure the deal that was right for you at the beginning remains suitable in the years to come. Our comprehensive support system and commitment to your satisfaction mean you can trust us to be there for you, now and in the future.
Final thoughts
Choosing Finance 48 for your granny flat financing means more than just adding space—it’s an investment in your future, offering financial and lifestyle benefits. Our tailored finance solutions, expert guidance, and comprehensive support simplify the journey from concept to completion. Whether aiming to boost property value, secure rental income, or accommodate family, Finance 48 can make it happen.
Considering financing for a granny flat? Get in touch with Finance 48 to discuss your options and start your project with confidence. Benefit from our experience and join the ranks of clients who’ve successfully enhanced their homes with our help. Contact us today to bring your granny’s flat vision to life.