Aaron Whybrow (Diagnostics and Finance) explains how owners of large, older, or vacant blocks can increase rental income and build wealth by adding a granny flat. He outlines benefits (dual rental income, income continuity if one tenant leaves), notes there are local block-size and regulatory requirements, and invites viewers to discuss lending options to free up cash for construction.
Hey, it's Aaron from Diagnostics and Finance. A little thing that comes up with a lot of people and discussions I have these days is if you have a large block. If you have a large block or say an older home or even a block that's blank is how to maximize the income off the property. And a couple of things that pop up all the time is looking at granny flats. There are certain requirements in our areas that would require different sizes of blocks to be able to do this. But. But it is quite a common thing to be able to go down the line of a granny flat to say, have a renter to help pay your own mortgage, increase and maximise investment income off a dual income property, which also has its benefits that if a tenant leaves, you still got some income. But if you're looking at needing extra borrowing money to be able to build that granny flat in the backyard, you this is a really simple task to do. So if you've looked at needing to increase your income off your own property, or if you're looking at needing to put a granny flat or looking at the ability to have that dual income reach out, we can look at the lending and we can look at what we can do to be able to release that cash for you to build what you need to build to maximize your wealth creation.