Granny flats are standalone units built on the same lot as your existing home. The granny flat needs a separate entrance according to regulations.
You may wonder why you should build a granny flat rather than buy an investment property. A granny flat offers many benefits you may have yet to think of.
Some of the benefits of investing in granny flats include the following.
Keep Your Family Close
A granny flat is an excellent option for additional accommodation for teenagers, elderly parents, or extended family.
The extra property can provide your kids with an opportunity to 'move out' without actually moving out. As a parent, the granny flat allows teenagers to be independent while still in your care.
Going by their traditional purpose, the granny flat can keep your elderly relatives close to home, where they can receive the utmost care as opposed to a senior nursing home. Your extended family will appreciate not living alone and being close to family.
Earn Rental Income
Renting out your granny flat is a great way to earn passive income, especially with the increasing demand for cheap rent by students or tourists looking for short-term stays.
If you live near an educational institution, you can easily rent out your granny flat as tenants will be more accessible. By doing so, you can gain some financial security from your property.
Wherever you live, you must check with your local regulations before renting out your granny flat.
Add Value to Your Home
Granny flats often offer a high investment return at a low cost. The property may increase the value of your home, making it more attractive to prospective buyers in case you want to sell.
Some additions to get the most out of your granny flat include:
- Quality fittings and finishing.
- Convenient storage.
- Private laneway access.
However, you should consult with an industry specialist in your area to make sure there's demand for granny flats before you build one.
Extra Space Away From Home
If you find yourself needing space away from your home distractions, granny flats are a viable choice. A granny flat can be a highly productive home office or guest house. You could even build out a kid's playroom— the possibilities are endless.
Be sure to research the viability of adding a granny flat to your property before you make your decision. Speak with experts who can help you assess your property to determine whether a granny flat would make a worthwhile investment.
Contact a company like Andy Renovation & Constructions Pty Ltd to learn more.Share