Why Should You Invest in A Granny Flat?

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Why Should You Invest in A Granny Flat?

The ever-increasing prices of residential properties have made people resort to cheaper alternatives. And when affordability is a concern, granny flats become one of the most sought-after choices. In addition to affordability, granny flats offer spaciousness and convenience for living. 

There is a wide range of granny flat designs available, which include the Hamptons design, The Modern Lifestyle design, Federation design, and many more. By choosing the right granny flat builder, you, too, can build the home that meets your budget and fulfils your needs. Also, you can have a custom-made flat built by discussing the design and other specifications with the builder at length.

Here is a guide to help you know more about granny flats and why building one could be the right investment choice.

Scalable investment

Housing prices are rising, making it difficult for many people to afford rental accommodation in major cities. And here granny flats offer the best solution. If you want to use the granny flat for an extra source of income, then do not hesitate further.

If you want to invest in property, buying a granny flat close to your permanent residence could be more affordable than buying an entire property. Also, you could use it for various purposes without going through the hassle of taking out a loan.

You could fetch hundreds of dollars each week based on the granny flat’s size, features and location. And with about 10 to 20 per cent returns on your investment, you could make further investments in property and reap its benefits.

More space

Granny flats provide additional accommodation for the elderly, teenagers and extended family. When contacting a granny flat builder, make sure you design it to provide adequate space for your loved ones to live comfortably. With flexible design options, you can keep your family close, take care of them and help them live independently. You can also discuss the inclusion of fixtures and designs with the builder to accommodate any special needs to further add to the convenience of living. 

While your family enjoys the independence of a separate home, you can also have peace. 

Customisation

Like any traditional house, you can customise your granny flat according to your requirements.  You can have it all if you want an outside deck or a snug personal space. 

When customisation is concerned, you can go for one-bedroom designs to maximise the use of limited space.

You can go for two-bedroom designs if there is more space. It will help accommodate various applications and leave more storage and living space to experiment with. 

Three-bedroom designs can offer you maximum benefits if you have a large family. It provides similar advantages as a traditional house where you have ample space and enjoy privacy. 3-bedroom granny flats could also be ideal for use as a rental property and earn up to 750 dollars a week.      

Cost

The rent-to-cost ratio will be advantageous if you have already bought the land to buy a granny flat. With construction funds at your disposal, building a granny flat will be good for you in the long run. Ideally, a granny flat will cost you anything between 20,000 dollars and 290,000 dollars. However, the price depends on factors like site reports, materials and construction, size, extra features, design and building approval. 

You must consider various factors before diving into the process of building the granny home. And with the above details, you are a step closer to investing in property and enjoying its multifaceted benefits with the help of a reputed builder.