Granny Flats & Rooming Houses – heard these names before? I’m sure you would’ve if you are a keen observer and part of the property market. The question is, in the given scenario of the market – are granny flats and converted rooming houses a bad idea?
In this episode, me and Cheryl discuss the pros and cons of granny flats and converted rooming houses as investment properties.
There is nothing wrong in having granny flats as they can provide high rental yields, but simultaneously; the upfront costs and limited financing options can make them less profitable than they seem.
Similarly, converted rooming houses can offer increased rental income, but the high operational costs and potential for low occupancy rates can eat into profits. It is advised to consider alternative strategies, such as building a second house on a splitter block or converting existing properties with existing equity.
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Episode Highlights:
- 00:00 Welcome to Helpmebuy Property Podcast
- 12:25 When Does Building a Granny Flat Make Sense?
- 17:04 Introduction to Rooming Houses
- 26:01 Final Verdict on Granny Flats & Rooming Houses
