Most of us have heard of granny flats but many overlook them when thinking about expansion or even a property to rent. Granny flats can be used for almost anything and their popularity continues to increase across Australia. If you are a homeowner trying to add more space or a person who is looking for cost-effective rental solutions, why not look at a granny flat?
Experts in renovations and granny flat construction will tell you that one of the main reasons why homeowners use their service is to house an ageing parent. Building a granny flat is a great way to their freedom. Having a granny flat allows your parent to stay right beside you and join the family for gatherings or social events.
Constant Monthly Income
If you are looking for ways to make more money, why not consider building a granny flat? Although there is an initial investment, they offer an excellent return on your venture. Once the granny flat is complete, you can start to market it as a living space. This can help your family accrue wealth over time and pay for other things you might need.
- Home improvements
- College fees
- Purchasing a vehicle
Have a look at the local market and see what others are renting their homes or bedrooms for. This will give you an idea of how much you can make if you invest in a granny flat.
Live Mortgage Free
There are many instances where you can downgrade to a granny flat and live rent-free. If you no longer need a big house, you can always rent the property and move into the granny flat. When the kids have flown the nest and you no longer require a 3-bedroom house, you can look for tenants and take advantage of your rent-free granny flat. Your tenants will pay the mortgage while you go travelling or start a business.
Space for Friends & Family
Having a granny flat is also excellent for when friends or family come to visit. You can offer them some privacy and a bed without putting them in the main house.
Building a granny flat on your property is a great way to create extra space or save money on moving costs. They can be used for almost anything, from a home office to an extra bedroom. Some homeowners even rent out their home and move into the granny flat to help pay for their mortgage.