Adding value with minor dwellings
As a homeowner, you’re likely on the lookout for ways to add value to your property at one point or another. One trend that seems to be gaining popularity across the country is the building of minor dwellings.
Minor dwellings can add value in a number of ways: it can provide owners with a rental income if they choose to put tenants in - or two rental incomes if the primary residence is an investment property - and it can maximise the sale price when it comes time to put the property on the market.
The first step in determining if a minor dwelling is a viable option for your property is to look at the space you have available. You can work with your local council to make sure your property is appropriate.
There are varying prices and sizes available for minor dwellings. Obviously the bigger you go, the more expensive it becomes.
As with all decisions, it’s important to do your homework because each council and region can have different regulations.
Researching factors such as whether you’re able to rent out the minor dwelling, and if so, how much rent you’ll realistically achieve means that you can do the numbers to see if it’s the right option. Do you live in the primary residence? If so, think about things such as your privacy.
If you decide a minor dwelling is right for your property, consulting with your local council early in the process is critical. As mentioned, different areas have different rules and by working with your council, you’ll be sure you’re following the right application and construction procedures.