If you own a home on a decent sized property, building a granny flat on your extra land is a smart business and lifestyle move. Still need convincing? Check out these fantastic reasons for building a granny flat on your property.
Create an extra multi-use space
Traditionally, many Australians think of a granny flat as a building constructed for their aging parents; however, many modern granny flats are utilised for a variety of purposes. A granny flat can provide you with a multi-use space that can grow and change alongside the needs of your family. If you regularly have interstate guests, a granny flat will provide them with a comfortable, self-contained living space. A family member with a disability, or a teenager with an increasing need for independence will benefit considerably from the private space and on-site support that a granny flat can offer. A granny flat can even be used as a home office or hobby room, allowing you to spread out without impinging on the daily living space of the family home.
Add value to your home and property
A home with an on-site granny flat has huge appeal to property investors and home buyers alike. A property investor will see a dual source of rental income, allowing for decreased income risk and increased property value with the option to subdivide in the future. A homeowner will see the property as the ideal family location, with the granny flat offering endless benefits to suit a broad range of needs. It is highly recommended that you discuss the financial viability of building a granny flat in your backyard with your local real estate or home building professional.
Build a rental property in your backyard
If you’ve considered investing in a rental property to provide extra income or mitigate your mortgage costs, building a granny flat on your own property is the ideal solution. A brand-new granny flat in a reputable location can command a considerable rental income; alternatively, you could move into the granny flat yourself and rent your home out for a larger profit. If your property is deemed suitable for accommodating a granny flat, council approval can be a relatively quick and easy process compared to purchasing a separate rental property. You can choose to subdivide your property, or simply register as a dual occupancy property for a cheaper solution.
For expert advice and up-to-date information on the value a granny flat will bring to your property and your family, contact your local home building professional today.