Granny flats have come a long way since their original conception, and you will find them on a range of properties up and down the country. They can be used for a variety of things, such as an additional dwelling or as a home office. If you need more space in your home and you don’t want to move, a granny flat is a great option. Here are some of the benefits of building one on your property.
Extra Income – If you decide to work with an expert in renovations and granny flat construction, consider building the granny flat as a standalone feature. This way, you will attract more tenants when it isn’t attached to your own property. A granny flat offers a significant return on investment as you can in up to 350 dollars a month in rent. Building a granny flat is inexpensive and it offers you the chance to quickly recoup your money.
Assist Mortgage Repayments – If you have some cash lying around, using it to build a granny flat is an excellent investment. Home loans are becoming harder to maintain and people are looking for ways to help them make payments. As mentioned, a granny flat brings in additional income which can be used to pay for your mortgage. Their modern design and low rental cost makes granny flats attractive to tenants.
Home Business or Office – Another great benefit of having a granny flat is that it can be used for a range of purposes. If you need to work from home, a granny flat offers space, a peaceful environment, and an area to focus. You can even run your own business there as it cuts your overheads by a considerable amount.
Extra Living Space – A granny flat can be used as a residence for older kids as they look for their own property. It gives them a place to live while they save money and look for property elsewhere. A granny flat is also great if you want to look after your parents and have them close by.
There are many good reasons to build a granny flat on your property. They are incredibly versatile and can be used for a number of purposes – home business, office, living quarters, etc. Once properly constructed, a granny flat will increase the value of your home. It can also bring in extra income or help you repay your mortgage.