Secondary dwelling value
Question from Keila updated on 3rd February 2017:
We are currently at the cusp of deciding whether it is a feasible idea to build a three bedroom secondary dwelling on our property. We would rent out the secondary dwelling. We are wondering if this is a wise idea and how much value this would add to our property if we decided to sell in the future.
Our expert Kris Pedersen responded:
As a general comment adding additional dwellings is a great strategy for both increasing equity and also adding cash flow. But, in regards to your individual situation, I can’t answer specifically as there will be large differences in regards to the value added depending on the area you are based in and what spec house you are looking to put on your section.
Kris Pedersen of Kris Pedersen Mortgages is a commentator on property and finance. His team sources top finance strategies. www.krispedersen.co.nz