A granny flat is a secondary place on your property (might be an extra space built). It adds value to the property and gives a potential return on investment. Many people turn these granny flats into a mini house or a separate one-room house incorporating all the features of a home. You can extend your living space by adding a granny flat into your property. You can design your granny flat with all modern amenities, and you can leave this space for your grandparents.
Benefits of granny flats:
There are numerous benefits of owning a granny flat. We are going to list down all the benefits of adding a granny flat in your home that will help you make the right decision if you are thinking about it.
- Extra rental income: Owning a granny flat and renting it out can serve as an additional source of income for you. It is one of the best and safest options to invest in because rental income can be huge and tax-free.
- Inexpensive investment: Apart from all the investment options available in the market that are mostly unsafe, building a granny flat on your property will cost you less and you do not have to opt for long term investment loans. You can use this flat as your office and start your own business from your home.
- Close relations with family: If your children want to live separately when grown-up, you can give them extra space. Neither of you had to worry out additional costs, rent and other expenses.
- Increase the value of the property: This is one of the essential benefits and reason why you should own a granny flat. It will give you the extra cost in case you decide to sell this property in future. Or you can keep it with you and sell only one property it’s up to you, but it surely will make you more money.
- Home office: With extra space in your hand, you can turn a granny flat into an office. You can save money, time and fuel that you waste daily for communicating with office.
- Creative place: If not office, you can turn it into any other creative space like a guest room, movie theatre, home theater design, music studio, art studio and whatnot. If you are an artist then you can use it as your studio and conduct a solo exhibition in your own flat. You can also design it in gallery structure and earn something to give it on rent.
- Flexibility: The process of owning is getting very more uncomplicated nowadays, the government is encouraging homeowners to invest in granny flats as they are very flexible. You can start with the help of government incentives, rent it out and fix your income. That’s it no complications one experience that one might experience in building a house.
- Highly demanded: Granny flats are always in demand by various tenants like students, other country’s residents looking for someplace for a few days, organising a party at a small place and many more.
How to build or invest in a granny flat?
For starters, you can research and find more information about the area you are currently living in. Then you can build a new one or renovate existing depending on your budget. Fulfil all the legal requirements before you start, and you can take help from your builder in this regard.
Granny flats are always a great idea to invest in. If you have money or extra space that you are confused about turn it into granny flats and enjoy a return on investments quickly without any hassle.