6 Benefits of Owning Granny Flats

The increasing housing demands in modern times call for utilising space most efficiently. Therefore, there has been a growing trend of granny flats among property owners. 

Granny flats can add to your property if you need more space for your family members or a steady rental income. So, by contacting a granny flat builder, you come across flat designs that can meet your specific housing needs. 

If you need to ponder further on such a versatile and functional addition to your property, assessing the benefits of granny flats can help. Below are the details. 

Elderly care at reduced costs

The elderly need extra care and assistance as they suffer from loss of mobility and strength. The increasing care needs often result in the elderly being moved to residential or nursing homes.

But, when you have a granny flat, you can keep the elderly close and care for their needs easily. You may also invest in a professional home care setting and monitor them regularly. 

The cost of aged care may range between $5000 and $14000 per month. So, you can estimate how much you can save when your loved ones live close to you.

Extra income

With the increasing cost of living, having a granny flat can be an excellent source of passive income. You can rent your flat and can earn $350 or more. The extra income can greatly help pay off your mortgage or other loans.  

Increase property value

You add value to your property by 20-25 per cent by adding a second house. Further, a granny flat has minimal ongoing costs compared to stand-alone investment property. 

You have to make a small payment for the mortgage, building insurance, and maintenance. No conveyancing cost and stamp duty add to the equation if you own the property. 

So, having granny flats not only adds value to your property but also maximises returns without any need for overcapitalising. 

Use flexible space

In addition, a property can be beneficial in any way you use it. So, if you don’t plan on renting immediately, you can contact a granny flat builder to restructure it into a guest house or office home. The idea is to put your property to the best use. 

You can continue working in your home without distractions when you have additional space. So, a granny flat can be a multi-purpose house that can be used differently at different times.

Downsize with changing needs

There are changes in life situations, and you may need to adapt accordingly. While your main house served you well in raising your children, the purpose of it doesn’t remain the same after they have grown up and moved out. You may find it more convenient if you downsize and move to a granny house which could be easy to maintain, and you can also have an extra source of income. 

Make a guest room

The demand for accommodation has changed considerably for modern travellers. Nowadays, they incline toward home-like services. You can take modern design ideas from your granny flat builder to meet the needs of the travellers and attract them throughout the year. You can also enlist your home with companies that can connect home with travellers in the region. 

Getting creative is the only way you can maximise the utilisation of space. With granny flats, you not only do that but also get other social and monetary benefits. So, make sure you clearly communicate your ideas, budget and needs with the builder to make the most out of your investment.

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