With a population boom, homeowners are trying to maximise the usage of their property space. Building a granny flat has never been easier, and understanding why and how this helps you and others are essential.
Deciding to build a granny flat is an investment that helps one maximise the profits on property space. On the other hand, it is a perfect solution for keeping and bringing families closer. Before approaching a granny flat builder in Sydney to understand the process, it is crucial to assess your needs and goals. Read on to discover if the granny flat way of life or providing it is for you.
What is a Granny Flat?
A compact living space present in the same space as the main property is a granny flat. This building can either be attached or separated from the main building. Some are also garage or room conversions. Most of these spaces are suited to the needs of the elderly, which gives it the name ‘granny flats’.
What Benefits do Granny Flats offer?
Purchasing and Maintaining a property is not cheap. While most properties only result in expenditure, rental income can help reduce that by delivering profits. The demand for granny flats has not diminished in society. Many elderly decide against retirement institutions and are looking for smaller living spaces. Meeting this demand by making the most out of a single property will allow one to utilise their property’s potential. In cases of mortgages, a little extra income will help you gain financial freedom from debt sooner.
Extra Space for Family and Guests
For those who aren’t looking to make a penny, granny flats are a cute alternative to guest bedrooms or retirement homes for the elderly.
Guests and the elderly receive greater privacy, and this makes for a comfortable living situation.
A large population in Sydney focuses on a single stream of income. However, many have learnt that spreading this risk can keep people afloat even in tough times like the pandemic. Given one has a permanent job, renting out a granny flat serves as secondary income, and at a given time, it is unlikely that both ventures fail. Having more properties diversifies one’s income stream and decreases the risk of having no income at a particular time.
Increasing Property Valuation
Investors see the potential that a granny flat has in the current market. What might seem like an extra room gives investors a secondary source of money. Building a granny flat can exponentially raise the resale price of your house.
One will worry about the lack of demand for granny flats as this can prove to be more expensive to maintain without being leased out. However, the best aspect of having a granny flat is its multi-functionality. This building is suited for various purposes, such as serving as a home office, a space for art and crafts, or a guest room. Renting out this space is not the only option available.
Everyone enjoys receiving incredible value for money. Granny flats provide a creative and flexible manner for homeowners to achieve maximum productivity from the space they own.
Over 6 million properties in Australia have mortgages against them. Building more granny flats could be the solution to the age-old issue of lack of housing.
Stop waiting, get that permit, and consult a granny flat builder in Sydney to begin a beautiful construction project now.