8 Reasons Why Building a Granny Flat Makes a Good Investment
A granny flat is the ideal solution for any homeowners that feel their house is in a slump—maybe it’s too small, too old, too boring. A granny flat can help bring life to your home by infusing it with modern upgrades and adding an extra living space that can be rented out for a profit, which in turn can be used to upgrade the rest of your house. Your home will be transformed in no time, whether you choose to enjoy it or sell it at a profit.
Check out these 8 reasons why you should add a granny flat to your unused property.
- Extra Income
If you had a chance to earn hundreds more a month doing nothing, wouldn’t you jump at this chance? One of the best perks of a granny flat is that you can make extra income out of space you already have, for a small investment that you will make back quickly.
- Added Selling Value
Not only can you make extra income off a granny flat, you will increase the potential selling value of your house should you ever decide to sell it. Extra square footage can add thousands of dollars’ worth of value to your home, which can really pay off down the line and attract more upscale buyers.
- Save Money
When not being rented out, this extra space can come in handy for visiting relatives. No need to put them up in a costly hotel when you have a private space with their own bathroom and kitchen. It will make some visits much less tedious, which is quite priceless.
- Plan for the Future
If you plan to remodel your house down the line, building a granny flat can come in handy. Once the granny flat is completed, you can stay in it while you remodel other areas of your house. This will make the remodeling process much easier and you can still be comfortable in a fully furnished and functional living space. No washing dishes in the bath tub for you!
- Control over Design
Building a granny flat lets you be in complete control of the design of your addition, particularly when you enlist the help of professionals, like Granny Flat Builders. When buying a new house, you’re at the mercy of inflated construction costs or the style preferences of previous owners. With this addition, you get to choose everything from the layout to furnishings, and you can do it at a much more reasonable cost and in less of a frantic time crunch. Being in control of the design can make you much more satisfied with your addition for years to come.
- Extra Space
You never want your house to feel cramped and limited; adding an extra living space can help your family relax and enjoy other areas besides bedrooms. Having an extra room adds so much potential to a home—it can become a game room, a gym, or even a home-theatre. Picturing how much enjoyment your family will get out of the addition makes the initial investment well worth it.
- Less Regulations
Adding a granny flat to your property can be extremely cost-effective, since you already own the land. If you’re adding it to the backyard, you have much less rules and regulations to worry about and it is much more budget-friendly than adding to a second or third floor.
- Financial Security
Building a granny flat makes financial sense for so many reasons, but one of the most worthwhile might be because it allows you to remain in your current house. By providing you with extra space or an extra means of income, you might be perfectly content with your house’s addition, eliminating the need to move house. You’ll pay off your mortgage faster this way, and not be forced to sell prematurely in a volatile housing market, saving on moving costs and realtor fees at the same time.