Granny Flats: Jump in on the Trend
Originally built to house an older relative close to the main house, a granny flat refers to a secondary dwelling on a property. It can be attached to the garage, main house but it can be a separate structure. In recent times, it is the trendiest investment you can make in property. From increasing living space to creating rental space, a granny flat promises you plenty of returns.
Investment on the Cheap
In some cases, it’s cheaper to construct a new building since it does not interfere with the main house structure – this is one of the reasons why granny flats are becoming a popular trend. Granny flats can only take 60 meters square and are therefore much smaller than the primary home. The designs vary; some consists of bedrooms, living space, kitchen and dinning room. An experienced construction company like the ones specializing in granny flats Central Coast can build you a custom-made structure for great value. The beauty of these structures is that they can quickly be built, most go up in less than 12 weeks!
A Rising Trend
These dwellings have dramatically grown in popularity over the last couple of years. With the house rent and prices being at all time high, teenagers are forced to stay at home longer. Parents are looking for an alternative that will help these kids attain some independence as they save for a home. Granny flats are cheap to construct and can boost rental yield by over 10 percent, these greatly appeal to investment property owners. The extra rental income can help in paying off the mortgage. According to MSN Finance, granny flats will solve the issue of metropolitan housing problems.
More than just “Granny Flats”
Don’t let the name fool. They aren’t just for housing granny although they would be the ideal solution to keep her nearer. Granny flats can improve and add to your lifestyle greatly. Here are some popular reasons why home owners are being drawn towards additional construction.
- Build an office right at your home and save expensive commercial rent. It will also enable you to save the costs of travelling to work and on top of this, you will spend less time travelling.
- You don’t want to put your elderly parents in a home and there is a need to look after them without losing their presence. A granny flat is therefore a perfect place for your elderly parents or other relatives. Another name for ‘granny flats’ is ‘mother-in-law apartment’ and with a very good reason.
- A granny flat can act as lodging for just married young couples. This is because young couples need a cheap place that will allow them to stay while they save for a home. An alternatively to buying a new house immediately is that their parents can construct a granny flat to solve this problem.
- Renting out your granny flat will enable you to make an extra income. You can also move into the granny and rent the main house for a higher residual income.
- Is craft, art or woodwork one of your favorite hobbies? A granny flat is the best place to carry out your hobbies without interfering with your main house space.
- With a granny flat, you get to add more bedrooms to your main house at a much lesser cost. This will then create a space for your teenage kids and later, you could rent out the granny flat once the kids move out.
- Do you love to entertain? A granny flat is the best way to create space for stylish entertaining and invite friends over for impromptu soirees without turning your house upside down after every gathering.
Once you have the proper authority, you can start sketching your floor plans based upon your needs. Forbes’ list of the 10 Chicest Granny Flats will give you many creative ideas to lend your own style to your home addition and a construction company specialist will help you find out whether your property is suitable for a granny flat construction.
