Increasing Revenue by adding a Granny Flat

Tim Allwood from Compass Property Investment and Ray Dib, Principal of Switch Finance, explore how homeowners can tap into an opportunity amidst the challenging economic landscape by considering adding a granny flat to their property and how this could significantly boost revenue. Their conversation underscores the potential for homeowners to unlock hidden value in their properties and invites viewers to seize this opportunity by reaching out to Tim or Ray for further guidance.

Ray: Hi all, Ray here from Switch Finance. I have Tim Allwood in the house from Compass Investment Properties and he has got a solution to help you bring more money in with your existing home. It’s very interesting actually. Tell us a little bit about it Tim.

Tim: Thanks Ray, thanks for having us. Well it’s driven by the absolute need for more property around Australia.
And it’s just simply taking advantage of your backyard with what we call, or commonly most people call it granny flats. Okay, modular housing, cabins, call them what you like. But there’s an opportunity there if you’ve got a family that’s getting bigger. You might have your parents that want to live in the backyard and have retirement services look after them. Or you might just want to cash in on your backyard to make some extra money, which you can use to pay off your mortgage or have a better lifestyle. You could even go one step better and actually move into the granny flat.

Ray: I’ve had clients actually do that.

Tim: Yes.

Ray: Rented their large house out for like a thousand a week.

Tim: Yeah.

Ray: Moved into the granny flat.

Tim: Yeah, that’s right. That’s the ultimate investment. But what we do, we arrange it in for you, the council approvals are all done. But it’s really good quality, which is important. We’re talking about seven star ratings. I mean, anyone can go and get a seed container on sticks and put it in the backyard, but it’s cheaply made. The good thing about the companies we use, they actually tailor make the design for you, but also make it match the principal price.

Ray: Ah, so it doesn’t stand out

Tim: 100%. Exactly.

Ray: I have seen some pictures of them. They actually do look really good.

Tim: Yeah, it’s amazing. The whole process is done. It’s full turnkey. We can give you updates along the way, of course, or if it’s in your backyard.

Ray: When you say full turnkey, basically the customer doesn’t need to do a thing?

Tim: Correct. And the first and foremost, and the jurisdictions, the local authorities have all relaxed their rules towards it. But that’s an important thing to get right, because you might have a sewage line there, or you might have an easement, or you can’t get so far you can get close to the backyard with a side fence. They know everything. So that’s all well and truly sorted out and documented up front.

Ray: Look, it sounds fantastic. A lot of people are hopping on that bandwagon, but I love the way you guys finish them. They do look beautiful, and everyone’s got a lot of newfound equity in their home that they can use to fund this, which is fantastic.

Tim: That’s right. So it’s a simple process. All you really need to do is just give us a call, have a chat.

Ray: And final question before we go. If you can’t get approved by council, are the clients out of pocket?

Tim: No.

Ray: They’re not at all?

Tim: No.

Ray: Oh, awesome.

Tim: We’ll get that sorted.

Ray: Get in touch with Tim at Compass, guys.

Tim: Thanks, Ray.

Ray: Good on you, mate.

If this is something that you think could benefit yourselves or a family member, please reach out and we’ll assess their position and see if we can help:

Contact Ray Dib at Switch Finance on 07 5532 0030 

Contact Tim Allwood at Compass Property Investing on 1300 368 626