Do you have a dream to build a granny flat? Now you can build a granny flat as your house or your investment. Designed for one or two persons, a granny flat is a self-contained living area usually located on the grounds of a single-family home. A granny flat can be detached, or it can be attached to the other dwelling. In the construction industry, the granny flat is most often known as an accessory apartment or accessory dwelling unit. Some granny flats are the miniature versions of full-sized housing units, with complete kitchens. In others, kitchen facilities are limited; perhaps it only has a mini fridge and microwave, which involve the fewer safety issues than full kitchens.
A new construction is more expensive as well, and homeowners may find it difficult to get funds. Besides providing a living space, the granny flat offers other advantages. There is a greater security available with another tenant on the property, especially if the apartment is oriented toward the side or back of the lot. Tenants can sometimes share transportation and other amenities with the occupants of the main house. Sometimes they may be able to share a childcare, lawn care, and other maintenance tasks.
One of the big benefits of owning a granny flat is the rental income you can generate. While the flat can be a handy room for the in-laws or children to stay in when the time comes, you can make a tidy profit by renting out your granny flat, greatly augmenting your rental yields. Granny flats may be considered as a value improvement strategies and if done correctly, they can accelerate your wealth creation. Adding extra value through a granny flat is quite an easy process and it can rapidly increase your capital value and rental income, if you do it properly. The rental income may help you in maintaining your servicing capacity with lenders and in proceeding to your next property acquisition. It makes sense to earn two incomes from one property. As long as a granny flat has a separate entrance, cooking and bathroom facilities and an outdoor area, it is able to be legally qualified as a granny flat. If you have an unused area in your house and can do the necessary renovations, renovating your home can be one of the least expensive ways to build a granny flat. Get a professional help with your design. As with converting a garage, you need to estimate the cost carefully. Also bear in mind that your house will become smaller. Renovating an existing home is usually the best idea, if you have more space than you need, but don’t want to move to another location.
In short, explore all your options, do your costings and remember that a granny flat will provide you an ongoing income. In time, it will pay for itself and you will have extra money to spend on the things you enjoy the most.