7 Top Tips for Granny Flats That Profit in a Depressed Market

Top 6 Granny Flats for Rental Profit TipsWe purchased our Granny Flat in 2009 after my best friends mum became sick and needed in home helpTurned out she didn’t need it for long and soon went homeThat left the Granny Flats empty and with the kids all grown up I didn’t quite know what to do for a moment.A mate of mine at work suggested after hearing the story at lunch that we try renting it to a student Here are the top 5 tips I would give to anyone contemplating the same:1. Get it valued by the bank before you rent it out as it will be in peak condition2. Get a local real estate rental agent to give you a rental valuation to back up your claim to the bank valuers that it’s worth premium dollars3. Make sure you use a proper lease or rent document if you’re managing the rental without an agent. It will protect you and the tenant in the event of a dispute.4. Have the Granny Flat cleaned and list all defects and inclusions to ensure the tenant acknowledges and signs for their responsibility to look after the Granny Flat and all of it’s contents.5. Use a local trusted real estate agent or rental management agent or company. They know what they’re doing. They deal with problem tenants and rental property maintenance every day and it’s a small price to pay (usually 5-9%) for your peace of mind regarding one of the biggest assets you’ll ever own.These quick tips will see you well served in your Granny Flat rental project. fWithin 1 year I’e been able to refinance for a cheap Granny Flat which I’ll also be renting out with a view to building a portfolio.