It’s no secret how housing prices have skyrocketed over the years. Due to this, many homeowners have been more creative in maximizing their space and profits to address the growing demand for affordable housing options while creating value for their respective properties.
One of the popular trends lately is to build a granny flat. If you’re not familiar with them, they’re basically a tiny housing unit built within your property, beside the main house. Since granny flats come with the same amenities as any other house for only a fraction of its price, many have one attached to their property.
They’re incredibly beneficial for individuals looking to keep their family close, find another source of income, or simply in need of extra living space. Unsure if you should build one for yourself? Let us convince you. Read on for more reasons why you should invest in a granny flat.
Provides Additional Income
Building a granny flat on your property and renting it out is an excellent source of passive income. Nowadays, you can quickly market your granny flat to tourists or individuals looking for short-term stay options on property rental platforms like Airbnb.
Alternatively, if you’re comfortable enough, you can move into your granny flat and have the main house available to rent. As the granny flat is within your property, you can conveniently check on the home any time you want. That way, you won’t be too worried about your house being rented out.
However, be mindful of the varying granny flat regulations. Areas like Brisbane and Melbourne, for instance, only allow homeowners to lease their granny flats to their relatives. Thus, ensure that you follow local government laws before attempting to list your house on rental services, regardless of the city you’re in.
Entirely Customizable
Another benefit of investing in granny flats is their customizability. You may think that getting a granny flat custom-built might be the pricier option, but that’s not the case. Just think of it. The materials, design, and additional upgrades are all up to you. Hence, you’ll be more confident of the total cost of construction and steer clear of any hidden fees that you weren’t made aware of.
In addition, since there’s no guarantee that you’ll find premade properties that will perfectly complement your home, getting one built according to your style and tastes is more preferred.
Do you want it to be modern-looking? Or are you more into cozier designs? With you deciding, the possibilities are endless! Interested? Talk to local Granny Flat builders in Wollongong, Los Angeles, or whichever city you live in to get your dream property made into reality.
Keeps Family Closer
Granny flats are named as such because they are traditionally used to house a family’s aging parents. That way, multi-family living is achieved while retaining the independence of elderly family members. Due to that, they are known to be the cheaper retirement option. Of course, nowadays, granny flats are also used by other family members.
For instance, the property can act as a meeting place for the teenagers of the household. They can hang out with their friends, and you won’t have to worry much about the noise or mess bothering the people in your main house. Thus, individuals looking to keep their families close often build granny flats.
Additional Space
If you find yourself needing extra space, you should definitely build a granny flat. Is your house too distracting for work? Turn your granny flat into a home office and work without any distractions. Do you want to give your kids a safe place to play? Fill a small granny flat with toys and let them enjoy their new playhouse.
Or perhaps, are you an artist looking for a place to let their creative juices flow freely? Transform the flat into your very own studio! Granny flats truly provide you with the extra space that you can make use of for the many years to come.
Increases Home Value
Did you know that granny flats can increase your home’s value up to 25%? That’s a lot, especially when compared to a swimming pool that only adds 7%. Not only that, but the income you can get by renting it out may help you pay your home’s mortgage and even increase the number of depreciation deductions that you may claim.
On the other hand, building a granny flat is also a way to improve the overall look of your property, making it more appealing to prospective buyers in case you want to sell your house in the future. Indeed, a granny flat is a low-cost, high-return investment that can instantly boost the value of your block.
Takeaway
There’s no doubting how much benefits granny flats can bring to any homeowner. Regardless if you’re building one to diversify your investments or if you’re simply in need of more space for your family or hobbies, granny flats are worth getting!
