How can I determine the value of my property and potential rental income if I were to rent out a granny flat in New South Wales?

by | Nov 24, 2024 | Uncategorized

Determining Property Value and Rental Income in NSW

To determine the value of your property and potential rental income if you were to rent out a granny flat in New South Wales, consider the following steps:

  • Assess the size and condition: Calculate the square footage and assess the condition of the land and any existing structures.
  • Research market rates: Look for comparable sales data on websites like CoreLogic or the Australian Bureau of Statistics (ABS) to determine fair rental income.
  • Consult with a real estate agent: They can provide valuable insights into local demand, competition, and potential rental income.
  • Consider zoning regulations: Familiarize yourself with NSW planning laws to ensure your granny flat complies with zoning requirements.

Additional Considerations

  • Energy efficiency and sustainability features
  • Proximity to public transport, schools, and amenities
  • Potential for tax deductions as a property investor

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