Granny flats are self-contained living areas that are found on the grounds of a family home. While some of them are attached to the house itself, others are detached and present more privacy for whoever lives in it. Due to its name, granny flats are thought to be a perfect dwelling place for the elderly or for those who have retired. But over the years, the granny flat has evolved into something much more. People now see it as more than just a home for their fathers or mothers who are growing old. In fact, many see it as an investment opportunity.
Check out the reasons why granny flats are becoming more and more popular these days and see if you’d like to invest in one too.
You can get extra money from it
There’s no denying that as the years go by, the cost of living in many countries continues to get higher. Because of this, more and more people are looking for ways in which they can earn extra income. If you don’t fancy applying for a secondary job, you can instead invest in a granny flat. That way, you can rent it out to people who are needing the space. In some areas, homeowners earn as much as $600-700 per week in renting out their space. This can go a long way in helping out with the bills and extra expenses that you have.
It can add value to your home when you want to sell it
If in the future you are thinking of selling your home, having that extra space will surely add to the price of your property. Since it is rising in popularity, the additional space will make your property more attractive to potential buyers. If you want to learn more about increase your property value you can check out out Tips for increasing property value.
It does not cost too much money to build
The great thing about granny flats is that you don’t need a ton of money to build it. Of course, since it’s a house, you’d still expect to spend a lot of money, but nowhere near the amount that you will spend when you will build a full house. Plus since it is built near an existing house, you don’t need a new water line, electricity line built as the new space will just share with the existing one. If you’re interested in building a granny flat you can check out our Tips for building a granny flat.
You can use it as a home office or guest room
If you like working from home or if you like entertaining guests, the granny flat is the perfect space for that. You can give them their very own private retreat and they can enjoy staying with you while you can still give each other enough space.
It is less of a hassle to build due to less paperwork
Local governments are realizing the significance of the popularity in granny flats and it is easier now to gain approval to have it built on your property compared to the previous years. You also don’t need a complicated design as they are significantly smaller than a full home.