Tips from The Block: Does Off-Street Parking or a Granny Flat Add Value?

Studio apartment

With the teams on The Block fighting it out to maximise the value of their Elsternwick homes, we asked Noel Jones’s Daniel D’Assisi whether off-street parking and granny flats are worth the investment.

“The extra space provided by studios, granny flats and garages is more often than not considered a great addition to your property,” advises Daniel, who is acting as Sticks and Wombat’s auctioneer.

“Whether you require the space to accommodate family members, park vehicles, for storage or even as a work from home option, these types of spaces can be a great addition,” he says.

Granny flats and studios are not just a place to store infrequently used items, but can be highly sought after spaces in their own right. The additional space can be used as a teenage retreat, as an extra bedroom for guests or as the perfect base for a home business. If a bathroom and kitchen is attached a granny flat has a myriad of uses, perfect for a nanny or home carer, or as the name suggests – just great for your granny!

Granny flats have another hidden benefit – as income producers. “With the direction Melbourne property prices have taken in recent years we are also seeing new trends forming to generate an income from the family home,” explains Daniel. “Owners are utilising services like Stayz and Airbnb and in certain parts of Melbourne where parking is scarce we are even noticing leasing options available for garages.”

Depending on its location, a granny flat can be rented out for up to $600 a week. There are many considerations to be made when planning a granny flat, however. Building consent, height, distance to boundaries, floor space and storm water drainage are just some of the factors to consider. Contact your council before you begin to plan.

Garaging is typically considered a good investment as buyers perceive garages as a space with multiple uses. Beyond car parking garages are useful for storage, as an extra leisure space or as a workshop.

If you don’t have the room or budget for a garage other covered off-street parking options are worth considering. Carports and shade sails are two options. While you will still require a permit for a carport, shade sails may not require council approval if they are under three metres in height. Check with your council.

The value of off-street parking depends on the scarcity of parking in your area and the size of your property. While smaller properties can get away without off-street parking, buyers of larger homes often expect parking options to be included.

Granny flats, garages and studios are likely to make your home more desirable when the time comes to sell. “If you have the space and it’s not going to detract from the aesthetics of your home these are a great option,” confirms Daniel.

Share:

More Posts

Property outlook remainder of 2020

After what felt like an endless period of lockdown, it’s hard to say whether it was buyers, sellers or Noel Jones’ own agents who were more excited when it was announced at the end of September that a number of Real Estate activities could resume. So, what are we seeing, and what might be in store for the remainder of

Create your own summer sanctuary

After one of the most challenging winters in living memory, the promise of summer has Melburnians excited, just as we are coming out of restrictions. With lovely weather on our side, it’s time to freshen up our outdoor spaces and create our own summer sanctuary, a space to enjoy the sunshine and outdoors. Spring clean your outdoors Before summer arrives

Preparing your property for sale during covid-19

In Real Estate, almost nothing goes hand in hand better than spring and the Melbourne property market. But in keeping with the theme of 2020, even this is looking a little different this year. As part of Melbourne’s reopening roadmap, we have now seen private inspections and auctions recommence, as well as property appraisals. So, what can you do to

8 things you might be forgetting to spring clean

Aside from the usual weekly cleaning such as vacuuming, mopping and cleaning the bathrooms, there are other areas of your home that might need some much needed attention. Now that spring is well and truly here, get inspired to do a more deep clean to really make your home sparkle. 1. Door knobs & light switches Let’s face it door

Send Us A Message