A granny flat is a self-contained, connected or detached building built on the same plot of land as a typical single-family home. The phrase comes from the popularity of hosting elderly relatives in such a structure in the past. Granny flats have gone a long way and are now available in various forms and sizes. Previously granny flat designs used to be simple and typically tiny. This is no longer the case since most now include conveniences and comforts comparable to a full-size home! If you have still not considered adding them to your space, here are all the reasons to do so:
Boosts The Value Of Your Home
Simply put, a home with a granny flat is a sound financial decision. While the objective of constructing a granny flat may be to keep ageing relatives close, it should be noted that adding an extra unit to your property can boost the value of your home considerably. Mortgage payments are much lower, upkeep and utilities are less expensive, and stamp duty is not applicable when establishing a granny flat.
Choosing to develop and rent out a granny flat from your home is an excellent way to get started in the real estate market. It allows you to generate more revenue, but it also allows you to keep a careful check on your investment. Tenants are easily accessible, and upkeep and repair may be closely monitored. You may opt to self-manage the property, giving you greater total control over your premise.
Upholds Privacy: Another significant benefit of constructing a granny flat is the ability to be closer to your family. A granny flat is a convenient way to keep family close, whether for a growing adolescent who needs more privacy and independence or for ageing parents who need additional care. It also helps them to maintain some autonomy and privacy inside their environment. When a growing family becomes a concern, the extra room provided by a property with a granny flat might be helpful. A granny flat offers more space while also providing a sense of isolation, ensuring that families do not feel cramped.
Renders Financial Freedom
Having the option to rent out your granny flat if you want to do so gives you a break from financial constraints. Rental income is a terrific way to relieve some of the stress of a mortgage or to supplement income for single-earner households. This is especially true for building a new home, as many builders now offer house designs that include a granny apartment. Granny flats are a fraction of the cost of other investment properties in terms of upfront and recurring expenses. In addition, tenants are more drawn to granny flat designs because of their layout and numerous benefits, especially compared to other homes.
It would be unwise not to consider a granny flat a possibility for many people seeking new property solutions, primarily when investing. You not only boost the market value of your entire property by maximising the potential of your land and by decreasing spatial waste, but you also provide yourself with choices if you have a growing family. Considering the unlimited alternative applications, it is clear that a property with a granny flat is a sensible investment for most people.
Equipped with the granny flat benefits listed above, you now have reasons to incorporate them as part of your space.