Maybe you’ve heard of a granny flat before, but have never really thought about building your own, or perhaps you’ve looked at house designs and plans with a granny flat and wondered if it was within your budget. Keeping these things in mind we’ve decided to delve into some advantages of granny flats so you have a better understanding of what purposes they can serve.
Before we explore the advantages we thought we’d quickly define what exactly a granny flat is. A granny flat is a self-contained attached or detached dwelling located on the same land as a normal stand-alone house. The term originates from the past popularity of housing elderly relatives in such a dwelling. Looking at the present, granny flat designs have come a long way, coming in all shapes and sizes. Most also have inclusions and luxuries equivalent to a full-size house. Now onto the advantages.
Keep Your Family Close
The First key advantage of building a granny flat is being closer to your family. Whether it be a growing teenager requiring more privacy and freedom, or elderly parents needing some extra care, a granny flat is an excellent way to keep family close while allowing them to retain an element of independence and privacy in their own space. Additional space can also come in handy when a growing family becomes an issue. A granny flat affords extra space while adding an element of separation so that families are not left feeling crowded.
Increased Property Value
Simply put, a granny flat is a smart investment. While your purpose for building a granny flat may be to keep your elderly relatives close, It should be mentioned that it is entirely possible to increase the value of your house by up to 25% by building an extra dwelling on your property. Not only does it increase the value of your property but it also has very little associated costs, especially when compared to a regular full-size investment property. Mortgage payments are significantly smaller, maintenance and utilities are cheaper and when building a granny flat you won’t be hit with stamp duty. This blends into the next advantage which is financial freedom.
Having the opportunity to rent out your granny flat should you choose to take that path allows you a reprieve from financial restraints. Rental money is great to take some pressure off a mortgage or as extra income in the case of single earning households. As previously mentioned, initial and ongoing costing when it comes to granny flats are a fraction of the cost of other investment properties, and renters may be more attracted to a granny flat due to its nature format and many advantages especially when compared to other properties.
Valuable Learning And Control
Deciding to build and rent out a granny flat from your property is a great introduction to the property market. It allows you to earn extra income as mentioned, but it also affords you the opportunity to keep a keen and close eye on your investment. Tenants are within reach and maintenance and upkeep can be carefully monitored. Not only that but you can choose to self manage the property (collect rent and filter renters) leaving you with more overall control of the property and a new valuable skill set for future endeavours.
With many people looking for new property solutions, especially when it comes to making a sound investment, it would be irresponsible to not look at a granny flat as an option. Not only do you maximise the potential of your land by reducing spacial waste, but you also increase the value of the whole property. From there if we look at the seemingly endless alternative applications of a granny flat, whether it be accommodations for relatives, a home office or music studio and it is easy to see that it is definitely a sound option for most.
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