Are you planning to invest in a secondary residence in your backyard for family use, rental purposes, or for elderly parents? In case, the answer is yes, you may consider building a granny flat.
A granny flat is a type of backyard house that has extra space on your property. This space can be built on any specific part of your property, including in a converted garage, in the basement or as a separate structure. This is undoubtedly a cozy and convenient space for families to utilise for multiple purposes.
Granny flats are becoming an increasingly compelling proposition for homeowners all across Australia. It has the potential to offer additional living space and generate rental income while meeting the demand for more affordable housing. You may still wonder how building a granny flat can be beneficial for you. Here we have compiled a list of the top 4 reasons to build a granny flat.
You can bring an enormous increase to your property value by building a granny flat. The value of the extra floor space, bedrooms, and additional features and amenities are very much appealing to prospective buyers. It is estimated that building a granny flat can significantly boost your home value by 25-30 per cent depending on the location. Compared to any stand-alone investment property, a granny flat has very minimal ongoing running costs.
What is the biggest motivation to build a granny flat? Your initial intention may be to have an additional living space for your family or parents. However, the majority of granny flat owners are utilising this investment as a source of passive income by renting it out.
There’s no need to make a long-term commitment to renting out your granny flat to make extra money. With the surge of short-term rentals, you can potentially generate extra income by listing your granny flat for people on holiday or who are visiting your city. You can then utilise this rental income for different financial goals.
Another compelling reason to build a granny flat is that it offers you additional space. When you aren’t using your granny flat to accommodate elderly parents or any guest, you’ll have the space with bedrooms, living space, baths and a kitchen to access whenever you want. Granny flats are also a great alternative for older children who want more of their own space but aren’t ready to move into a place of their own. You have the option to use your granny flat as a home office, personal gym, additional storage or simply as a guest house.
Another important reason why you should build a granny flat is because of its varied range of design possibilities. You can choose from eco-friendly, luxurious, spacious or functional granny flats. Having an expert team of granny flat builders can help you build it the way you desire. You can consult with the licensed granny flat builder about the materials, floor plans, kitchen, bedroom and location, size and other things. Since you’re starting from the ground up, you have the option to decide what your granny flat should have. There is no need to settle with what an already-built property has because this is your additional living space and you can design it in your preferred way.
A well-designed granny flat will surely add value to your property. Plus, you and your family will also have the option to enjoy this additional space for years.
However, choosing the right size, location and other things for your granny flat may be overwhelming. We at Dwelcom Pty Ltd can help! Our team of licensed granny flat builders will carefully accomplish your project from the very beginning till the end.
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