A solution to housing affordability may rest with the humble home extension, age-old granny flat, or dual occupancy says First National Real. It's just a matter of which will best suit each home owner's individual circumstances.
“A combination of increasing demand, the ongoing shortage of supply, an aging population and a slow but gradually improving property market is forcing many home owners to consider any option that provides flexible working solutions to house their families ,” First National Real Estate CEO, Mr Ray Ellis said.
“The best of these is granny flats. You can extend or subdivide, depending on the problem needing to be addressed.”
Mr Ellis said, “Granny flats are ideal for those needing a space of their own, like elderly parents or Gen Y children who are still at home.
“If rented out, they can also represent a great source of additional income in these challenging economic times,” Mr Ellis said.
“Plus, if the granny flat provides extra space, greater flexibility and more living areas to a dwelling, it's likely to add appeal and value in most markets, just as an extension will.
“But to assure added value, any extension or granny flat should be designed in keeping with the home.”
Mr Ellis said, there was also another option for maximising the financial potential of a home, which is often overlooked, but may prove especially beneficial for asset rich, but cash poor landowners.
“Dual living, or dual occupancy through subdividing the existing dwelling or land, offers a host of advantages not afforded through an extension or granny flat. However, this option needs to take into account a number of additional considerations,” Mr Ellis said.
“It means going through the planning application process and is more expensive, but the end result is a separately titled, saleable asset.”
Whichever option is chosen, Mr Ellis cautions homeowners to seek the advice of an accredited builder, or local council, before proceeding. Regulations regarding construction and occupancy vary in each state and from council to council.
“Authorities are able to advise on the various aspects and rules that apply to the size and positioning of the building on the land, as well as title registrations and rates payments,” Mr Ellis said.
“Advice should also be sought from a financial advisor for tax implications of building, and real estate agents for advice on renting a second dwelling as well as any value it may add to the overall property.”
First National Real Estate's Victorian and Tasmanian members were presented with their General Excellence and Marketing (GEM) Awards on Saturday night, in a fun filled evening featuring a Carnivale theme, at Melbourne's Grand Hyatt hotel.
The gala evening celebrated the best of the state's real estate performances over the past year which, according to First National Real Estate Victorian Chairman, Garry Nash has not been without significant challenges for the profession.
“Last year continued to be a slow market for property on the back of the previous two years which were fraught with economic turmoil and natural disasters, but our members showed their mettle, meeting conditions head on with fortitude and optimism,” Mr Nash said.
“They continued to put their clients first and now, with the market slowly starting to turn, they are beginning to see the results of their hard work and effort.
“These Awards are a recognition of that hard work, and tireless spirit to ensure they do their best at all times.”
On the night the Top 10 Offices in the state were named and included:
First National Real Estate Tweed Sutherland, Bendigo - Vic/Tas Office of the Year
First National Real Estate Collie & Tierney, Mildura
First National Real Estate King & Heath, Bairnsdale
First National Real Estate Garry Nash, Wangaratta
First National Real Estate Clark, Warragul
First National Real Estate Waverley City, Glen Waverley
First National Real Estate Dawes & Milne, Frankston
First National Real Estate Neilson Partners, Berwick
First National Real Estate Treeby, Ringwood
First National Real Estate Westwood, Werribee
Melbourne CBD agency, First National Real Estate City Residential won the Property Management Team of the Year Award.
Individuals were also recognised with the Top 10 Salespeople being:
Sarah Carey, First National Real Estate Carey, Lara
Matt Leonard, First National Real Estate Tweed Sutherland, Bendigo|Rob Westwood, First National Real Estate Westwood, Werribee
Andrew Milne, First National Real Estate Dawes & Milne, Frankston
Frank Barrett, First National Real Estate, Finning, Cranbourne
Andrew Kerr, First National Real Estate Neil Kerr, Cobram
Darryn O'Keefe, First National Real Estate Tweed Sutherland, Bendigo
Joan Carter, First National Real Estate King & Heath, Paynesville
Shufang Zhao, First National Real Estate Waverley City, Glen Waverley
Jamie Maynard, First National Real Estate Wodonga
Vanessa deGregorio of First National Real Estate Neilson Partners, Narre Warren was named Property Manager of the Year. Susan Bussell, from First National Real Estate O'Meara Kennedy, Yarrawonga and Jonathon O'Donoghue from First National Real Estate O'Donoghues, Hawthorn East were named Property Manager Rookie of the Year and Sales Rookie of the Year, respectively.
Mr Nash said the First National Awards are an important event as they present an opportunity for members to come together and share their thoughts and views on the industry and events that affect them, such as the recent disasters across Australia.
“During trying times like the recent floods, cyclones and bushfires, our members band together and help each other and their clients where they can, but it is often only through these types of social networking events that they are able to come face to face with each other,” Mr Nash said.
“It is this spirit of “we are all in it together” that sets us apart from our competitors, which is why we continue to support our communities with fundraising and sponsorship opportunities and events.”Share this:
Members at the Crowne Plaza Coogee Bay
First National Real Estate's New South Wales and ACT members were presented with their General Excellence and Marketing (GEM) Awards on Saturday night, in a fun filled evening featuring a Carnivale theme, at Sydney's Crowne Plaza Coogee Beach.
The gala evening celebrated the best of the state's real estate performances over the past year which, according to State Chairman, Mark Millington has not been without significant challenges for the profession.
“Last year continued to be a slow market for property on the back of the previous two years which were fraught with economic turmoil and natural disasters, but our members showed their mettle, meeting conditions head on with fortitude and optimism,” Mr Millington said.
“They continued to put their clients first and now, with the market slowly starting to turn, they are beginning to see the results of their hard work and effort.
“These Awards are a recognition of that hard work, and tireless spirit to ensure they do their best at all times.”
On the night the Top 10 Offices in the state were named and included:
First National Real Estate Byron Bay - NSW/ACT Office of the Year
First National Real Estate Port Macquarie
First National Real Estate Coffs Coast, Coffs Harbour Jetty
First National Real Estate Walsh & Sullivan, Baulkham Hills
First National Real Estate Rydalmere
First National Real Estate Daystar, Padstow
First National Real Estate Carlingford
First National Real Estate Epping Central, Epping
First National Real Estate O'Connor, Wollongong
First National Real Estate Wal Murray & Co, Lismore
North Narrabeen agency, First National Real Estate Rod Jones won the Property Management Team of the Year Award.
Individuals were also recognised with the Top 10 Salespeople being:
Deborah O'Brien, First National Real Estate Homeway, Castle Hill
Michael Sleiman, First National Real Estate Daystar, Padstow
Ricky Ho, First National Real Estate Rydalmere
Allison Mifsud, First National Real Estate Epping Central
Jason Crouch, First National Real Estate, Max Bailey, Singleton
Daniel Godoy, First National Real Estate Carlingford
Scott Henry, First National Real Estate Holgate, Lane Cove
Michael Alexander, First National Real Estate Michael Alexander, Harrington Park
Ron Fischer, First National Real Estate Port Macquarie
Graeme Paddock, First National Real Estate Leumeah United, Leumeah
Karen Joseph of First National Real Estate Manly Vale was named Property Manager of the Year. Kate Stephenson, from First National Real Estate Coogee and Paul Crinis from First National Real Estate Gerard
Smith, Picton were named Property Manager Rookie of the Year and Sales Rookie of the Year, respectively.
Mr Millington said the First National Awards are an important event as they present an opportunity for members to come together and share their thoughts and views on the industry and events that affect them, such as the recent disasters across Australia.
“During trying times like the recent floods, cyclones and bushfires, our members band together and help each other and their clients where they can, but it is often only through these types of social networking events that they are able to come face to face with each other,” Mr Millington said.
“It is this spirit of “we are all in it together” that sets us apart from our competitors, which is why we continue to support our communities with fundraising and sponsorship opportunities and events.”- copy ends -